8.1 The net annual income of the foundation of John Lord Craven, to be known as the Craven Fund, shall be applied to the promotion of classical learning and taste.
8.2 The Fund includes transfers from the Dean Ireland’s Scholarship Fund, Charles Oldham Scholarships Fund in Classical Studies, Nellie Wallace Bequest, Conington Prize Fund, Henry Francis Pelham Studentship Fund, De Paravicini Prizes Fund, Hertford Prize Fund and Harold Lister Sunderland Fund.
8.3 The administration of the Fund, and the application of its income, shall be the responsibility of the Faculty of Classics Board, which may make and amend Standing Orders consistent with this Part governing the administration of the Fund and the application of its income.
8.4 The income may be used, at the discretion of the Faculty of Classics Board, for the maintenance of two or more fellowships and three scholarships for the promotion of classical learning and taste, to be styled the Craven University Fellowships and Craven University Scholarships respectively.
8.5 Congregation may from time to time amend this Part so long as the main object of the foundation, as defined in section 8.1 above, is always kept in view.