1. The benefaction from the Tasso Leventis Conservation Foundation which comprises £2,361,000, together with any further donations for this purpose, shall be used to establish and maintain a Professorship in Biodiversity, to be known as the Tasso Leventis Professor of Biodiversity.
2. The University shall retain all of the benefaction as permanent endowment and shall apply the net income of this benefaction towards the support of this Chair as follows:
(1) in the payment of the stipend, national insurance, pension contributions and associated direct costs of the Chair payable by the University and subject thereto;
(2) for the support of teaching or research into the areas mentioned in regulation 3 below in such manner as shall be approved by a Board of Management made up of the following persons or their respective nominees: the Head of the Department of Biology, the Head of the Mathematical, Physical and Life Sciences Division, and the Warden of Merton College.
Any unexpended net income in a financial year may in any one or more subsequent years be expended in accordance with regulation 2 (2) above.
3. The Tasso Leventis Professor of Biodiversity shall lecture and give instruction in Biodiversity. The professor shall engage in the study of and research into the variety and variation of life at all levels of biological organisation; and in the application of the results to the problems which face ecologists, policymakers and humankind in general.
4. The professor shall be elected by an electoral board consisting of:
(1) the Vice-Chancellor;
(2) the Warden of Merton College (being the college to which the professorship has been allocated by Council), or if the Warden is unable or unwilling to act, a person appointed by the governing body of the college;
(3) a person appointed by Merton College;
(4), (5) two persons appointed by Council, one of them after consultation with the Tasso Leventis Conservation Foundation;
(6)–(9) four persons appointed by the Mathematical, Physical and Life Sciences Board.
5. 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 this chair.
6. Regulations 1–2 shall be deemed as Trust Regulations under the provisions of Part D of Statute XVI.
7. Regulations 3–5, and the composition of the Board of Management in Regulation 2 (2), may be amended by Council.