9.1. (1) The net income of the fund established by the gift made to the University in 1992 by Mr and Mrs Allen Daly as a memorial to their son, Michael, shall be applied in awards, to be known as Michael Daly Awards, to members of staff of the Bodleian Library or, in default of suitable applicants in any year, to members of staff of other libraries of the University.
(2) The awards shall be used by the recipients to enable them to study the languages or cultures of the Turkic-speaking world; the Caucasus; the Slavonic and East European worlds; the Middle East; the Far East; or South and South-East Asia; with preference given whenever possible to applicants studying some aspect of the Turkic-speaking world and the Caucasus.
9.2. The fund shall be administered by a board of management comprising the Director of University Library Services and Bodley's Librarian and the Keeper of Oriental Collections, or their respective nominees or deputies, one of the Curators of the University Libraries to be chosen from time to time by the curators, and a person to be chosen from time to time by the Board of the Faculty of Oriental Studies from among the holders of academic posts in Turkish.
9.3. The board shall determine which of the eligible candidates shall receive the awards, the value of each award, and any conditions governing its use.
9.4. Congregation may from time to time amend this Part so long as the main object of the fund, as defined in section 9.1 above, is always kept in view.