1. The first charge on the Zaharoff Fund shall be the maintenance of the Marshal Foch Professorship of French Literature, the contribution to the cost of which chair shall be equal to one-half of the total income of the fund from year to year.
2. There shall be an annual lecture on some subject of French Art, Archaeology, History, Literature, Science, or Sociology, to be called the Sir Basil Zaharoff Lecture. The lecturer shall deliver the lecture on a date to be agreed upon between him or her and the Curators of the Taylor Institution. The lecturer shall be nominated in alternate years by the ViceChancellor of the University and the Recteur de l’Académie de Paris; and shall receive a fee to be determined by the curators, together with such sum towards travelling and other incidental expenses as may be assigned by the curators who shall have power to allocate a further sum at their discretion for expenses incurred in connection with the entertainment of the lecturer. This shall be the second charge upon the fund. The copyright of the lecture shall be vested in the University and the lecturer shall be required to deliver to the Curators of the Taylor Institution a typewritten copy of the lecture at least one month before the date fixed for its delivery. The lecture shall be advertised and printed out of the income of the Zaharoff Fund, but not published before it is delivered. Any profits which may arise from such publication shall be treated as income arising from the fund and be dealt with or applied accordingly.
3. The balance of the annual income of the Zaharoff Fund, if any, after providing for the Marshal Foch Professorship and the Sir Basil Zaharoff Lecture as prescribed above, together with any moneys unexpended owing to vacancies in these offices, shall in the first place be applied to the establishment of Zaharoff Travelling Scholarships for members of the University for study in France. The number and value of, method of election to, and supervision of such scholarships, the approval of the subjects and places of study, and generally the conditions of their award and tenure, shall be fixed from time to time by the Curators of the Taylor Institution.
4. Any balance of the annual income not required for use under the provisions of clause 3 above shall, at the discretion of the curators, be
(a) transferred to a fund to be used by the curators for the purchase of rare French books, autographs, and manuscripts for the library of the Taylor Institution; or
(b) spent on travel grants in connection with French Studies; or
(c) used on any object connected with French studies in the University; or
(d) carried forward for expenditure in subsequent years.
5. Council shall always have power, but subject to the consent of the donor during his life, to alter this decree, provided that the main objects of the foundation, namely, the establishment of a Professorship of French Literature, an annual lecturership, and Travelling Scholarships for study in France are kept in view, and in particular shall have power, subject to any vested interests, to reduce the amount of the second charge on the fund, if the income of the fund should be permanently reduced to a level inadequate to cover the first and third charges on the fund.