1. The lecturership founded by virtue of this scheme shall be called the Speaker’s Lecturership in Biblical Studies.
2. The annual income of the fund constituting the endowment of the lecturership shall, after payment of any expenses incurred in the administration of the fund, be applied by the Chancellor, Masters, and Scholars of the University of Oxford in providing a stipend for a Lecturer in Biblical Studies to be elected in manner hereinafter provided.
3. The lecturer shall be elected by a board of seven electors consisting of:
(1) the Vice-Chancellor;
(2)-(4) three persons appointed by Council;
(5)-(7) three persons appointed by the Board of the Faculty of Theology.
Appointed electors shall hold office for three years, and shall be re-eligible; casual vacancies shall be filled for the remainder of the period of the person being replaced.
4. The lecturer shall enter upon office on the first day of Michaelmas Term, and the electors may make an appointment at any time during the preceding year.
5. The electors shall invite candidates for election to the office of lecturer to submit a subject or subjects for the proposed lectures, or shall themselves define and prescribe such subject or subjects. The choice of the electors shall not necessarily be limited to such candidates.
6. The lecturer shall hold office for a period of one year, which may be extended at the electors’ discretion by a further year. No person having held the lecturership shall again be eligible for election until at least two years have elapsed from the date of termination of the preceding period of office.
7. The lecturer shall deliver such number of lectures (not being less than six) as the electors may upon making or extending the appointment prescribe. The lectures shall deal with such subject or subjects in connection with Biblical study as shall be approved or prescribed by the electors, and shall be delivered at such times and place as the Board of the Faculty of Theology may determine.
8. The lecturer shall be entitled to receive by way of stipend the net income accruing from time to time during his or her tenure of the lecturership, from the fund constituting the endowment.
9. No member of the board of electors shall be eligible for the office of lecturer.
10. On the occurrence of any casual vacancy on the board of electors, the Registrar shall notify the vacancy to Council or to the Board of the Faculty of Theology as the case may be, and Council or the board shall fill up the vacancy as soon as may be.
11. In case of any accidental vacancy in the lecturership, the net income accruing during the vacancy shall be applied by Council in such manner as it shall judge to be most suitable for furtherance of the purposes of the lecturership.