1. The University receives with gratitude (a) the sum of £3,500,000 from The Pharsalia Charitable Trust to be held as permanent endowment and (b) the sum of £1,500,000 from The Lee Placito Medical Fund as expendable endowment on the trusts declared in this regulation. Further money or property may be paid or transferred to the University as either expendable or permanent endowment to be held on the same trusts. The assets so held will be known as the Richard Blackwell Pharsalia Trust Professorship of Colorectal Surgery Fund (the “Fund”).
2. The University shall retain as permanent endowment those of the assets in the Fund which are contributed on the express understanding that they are to be treated as permanent endowment (the “Permanent Endowment”).
3. The University shall (a) apply the income of the Permanent Endowment; and (b) apply the income and, in its discretion, the capital of the remainder of the Fund, for the advancement of education for the benefit of the public, in particular by establishing and maintaining a Professorship of Colorectal Surgery (the “Professorship”).
4. The Professorship shall be known as the Richard Blackwell Pharsalia Trust Professorship of Colorectal Surgery and its holder shall be known as the Richard Blackwell Pharsalia Trust Professor of Colorectal Surgery (the “Professor”).
5. The Professor shall undertake research, lecture and teach in Colorectal Surgery and perform clinical duties as is customary for a University clinical chair from time to time.
6. The Professor shall be elected by an electoral board consisting of:
(1) the Vice-Chancellor, or if the head of the college specified in paragraph (2) below is the Vice-Chancellor, a person appointed by Council;
(2) the head of the college to which the Chair may be allocated by Council from time to time; or if the head is unable or unwilling to act, a person appointed by the governing body of that college;
(3) a person appointed by the governing body of the college specified in paragraph (2) above;
(4)-(5) two persons appointed by Council;
(6)-(9) four persons appointed by the Medical Sciences Board;
(10) a person holding a clinical appointment appointed by the relevant NHS body with which the postholder may hold an honorary contract.
7. The Professor shall be subject to the General Provisions of the regulations concerning the duties of professors and to those Particular Provisions of the same regulations, which are applicable to the Chair.
8. The administration of the Fund, and the application of its income, shall be the responsibility of the Medical Sciences Board.
9. The Fund may be used towards the salary, expenses and associated overheads of the Professorship. If these costs are wholly or partly covered from other sources or there are further funds available, there shall be discretion to apply the Fund towards any and all research costs associated with the Professor’s research, including without limitation salaries and costs of posts for research staff, support for graduate students supervised by the Professor, equipment, consumables, laboratory refurbishment and other research expenses.
10. The University may in its absolute discretion in the period ending 21 years from 19 February 2019, instead of applying the income of the Fund in any year, accumulate all or any part of such income by investing it, and holding it as part of the capital of the Fund. The University may apply the whole or any part of such accumulated income in any subsequent year as if it were income of the Fund arising in the then current year.
11. The University shall have power to pay out of the income of the Fund all costs of and incidental to the creation of the Fund and the management and administration of the Fund and the Professorship.
12. The University may exercise any of its corporate powers in the management and administration of the Fund in so far as those powers are not inconsistent with these regulations.
13. Regulations 1–5 and 8–12 shall be deemed to be Trust Regulations under the provisions of Part D of Statute XVI.
14. Subject to regulations 15 and 16, Council may amend, repeal or add to these regulations in accordance with Part D of Statute XVI, but no amendment is valid if it would cause the Fund to:
(1) cease to be exclusively charitable according to the law of England and Wales; or
(2) be outside the objects of the University.
15. Any amendment to regulation 3 is an amendment to the main objects of the Fund for the purposes of Part D of Statute XVI and must be approved both by Congregation of the University and subsequently by His Majesty in Council.
16. Any amendment to regulation 4 shall require the consent of The Pharsalia Charitable Trust.