1. The University accepts with gratitude from the Trustees of the Rothermere Foundation the sum of £47,000, and such further sums as shall from time to time be received for the same purpose, to be applied (together with any net interest thereon received by the University) in the award of scholarships, to be known as Rothermere Scholarships, for the support of students from Duke University, North Carolina, attending courses provided by the University.
2. The scholarships fund shall be administered by a board of management the membership of which, and the respective periods of office of the members, shall be determined by Council.
3. The Rothermere Scholarships shall be awarded by the board of management on the nomination of the said Duke University to students attending such courses of the University as Council shall from time to time approve, in such amounts and subject to such conditions as the board shall from time to time agree with the said Duke University.
4. Funds not expended in any year shall be carried forward for expenditure in subsequent years.
5. Council shall have power to alter this decree from time to time, provided always that the main object of the fund, namely the support of students from the said Duke University attending courses provided by the University, shall be maintained.