1. The University receives with gratitude funds from the Natasha and Adar Poonawalla Foundation to be held as expendable endowment on the trust 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 trust. The assets so held will be known as the Poonawalla Professor of Biotechnology 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 (if any); 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 by establishing and maintaining the post of Poonawalla Professor of Biotechnology (“the Professor”).
4. The Professor shall undertake research and teaching in vaccinology and related disciplines.
5. The Fund shall be used to pay the salary and expenses of the Professor and associated overheads. If the salary, expenses and overheads of the Professor are wholly or partly covered from other sources or there are further funds available, there shall be discretion to apply the income of the Fund to support the Professor’s research, provided that the subject matter of such research is in the field of medical sciences and therefore furthers the charitable purposes of the University and the Foundation; to make acquisitions of items to support the work of the Professor; or to support the work of the Professor in any other manner.
6. The professor shall be elected by an electoral board consisting of:
(1) the Vice-Chancellor;
(2) the head of the college to which the professorship 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.
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 this post.
8. The administration of the Fund, and the application of its income, shall be the responsibility of the Medical Sciences Divisional Board.
9. The University may in its absolute discretion in the period ending 21 years from 14 December 2021, 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.
10. 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 post.
11. 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.
12. Regulations 1–5 and 8–14 shall be deemed to be Trust Regulations under the provisions of Part D of Statute XVI.
13. Subject to regulation 14, 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.
14. 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.