1. The University accepts with gratitude a benefaction from two anonymous donors which shall be used, together with any other donations accepted for this purpose, to form a fund, the net income of which shall be used for the provision of a travelling fellowship for the support of field work, travel, and other activity of direct benefit to the field of insect ecology. The travelling fellowship shall be known as the Varley-Gradwell Travelling Fellowship in Insect Ecology.
2. The fund shall be administered by a board of management consisting of:
(1) the Linacre Professor of Zoology or a person nominated by the professor;
(2) Hope Professor of Zoology (Entomology) or a person nominated by the professor;
(3) the Tasso Leventis Professor of Biodiversity or a person nominated by the professor;
(4), (5) two persons nominated by the Board of the Mathematical, Physical and Life Sciences Division, who need not be members of Congregation.
Nominated members shall serve for such periods as shall be determined by the person or body nominating them as members of the board.
3. The fellowship shall be tenable for the period of one year. It shall not be renewable.
4. Applications shall be made to the board, which shall determine from time to time the persons eligible for award of the travelling fellowship, and its value.
5. Income not expended in any year shall be carried forward for expenditure in subsequent years.
6. Council shall have power to alter these regulations from time to time, provided that the main object of the fund, as defined in regulation 1 above, is always kept in view.