1. There shall be a Wood Professor of Forest Science, who will be a distinguished specialist in a branch of forest science and who has some understanding of the environmental, ecological and economic aspects of forestry. The Wood Professor of Forest Science shall undertake research in and shall lecture and give instruction in forestry and promote its study in the University (“the Professorship”).
2. The University receives with gratitude the sum of £750,000 from Audrey and Martin Wood to be held on the trusts declared in this regulation. Further money or property may be paid or transferred to the University to be held on the same trusts. The assets so held will be known as the Professor of Forest Science Fund (“the Fund”).
3. 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”).
4. The University shall (1) apply the income of the Permanent Endowment; and (2) apply the income and, in its discretion, the capital of the remainder of the Fund, towards the salary and expenses of the holder of the Professorship and associated overheads.
5. The administration of the Fund, and the application of its income and expendable capital, shall be the responsibility of the Department of Biology.
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 shall be for the time being allocated by Council under any regulation in that behalf, or if the head is unable or unwilling to act, a person appointed by the governing body of the college;
(3) a person appointed by the governing body of the college specified in (2) of this clause;
(4)–(5) two persons appointed by Council; and
(6)–(9) four persons appointed by the Mathematical, Physical and Life Sciences Board.
7. The University may in its absolute discretion in the period ending 21 years from the date of this regulation, 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.
8. The University shall have power to pay out of the capital or 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 Professorship.
9. 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.
10. Regulations 2–5 and 7–12 shall be deemed to be Trust Regulations under the provisions of Part D of Statute XVI.
11. Subject to regulation 12, Council may amend, repeal or add to these regulations 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.
12. Any amendment to regulation 4 is an amendment to the main objects of the Fund and may only be made:
(1) by Council if more than 25 years have elapsed since the date of this regulation and the application of the Fund in accordance with regulation 4 has, in the University’s reasonable opinion, ceased to provide a suitable and effective method of using the Fund, regard being had to the spirit of the original gift; or
(2) pursuant to Part D of Statute XVI with the approval of both Congregation of the University and subsequently His Majesty in Council.
13. 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.