1. The University receives with gratitude gifts from The Hon Michael Huffington to be held as permanent endowment on the trusts 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 trusts. The assets so held will be known as the Michael Huffington Chair of Eastern Orthodox Christianity 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; and (b) apply the income and, in its discretion, the capital of the remainder of the Fund, towards the salary and expenses of the holder of a Chair of Eastern Orthodox Christianity and associated overheads. The Professor shall undertake research, lecture and give instruction in the field of Eastern Orthodox Christianity. 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 and/or capital of the Fund to support the Professor’s research.
4. The Professorship shall be known as the Michael Huffington Chair of Eastern Orthodox Christianity.
5. The administration of the Fund, and the application of its income, shall be the responsibility of the Board of the Faculty of Theology and Religion.
6. The Professor shall be elected by an electoral board consisting of:
(1) the Vice-Chancellor;
(2), (3) two persons appointed by Council;
(4) the Head of the Humanities Division, or their nominee;
(5)–(7) three persons appointed by the Board of the Faculty of Theology and Religion.
7. (1) The University may in its absolute discretion in the period ending 2 February 2046, 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. 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.
(2) Subject to regulation 7 (1) where the income in any given year exceeds 4.5% of the value of the Fund, the University shall accumulate the income in excess of 4.5%.
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. 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.
11. Regulations 1–5 and 7–13 shall be deemed to be Trust Regulations under the provisions of Part D of Statute XVI.
12. Subject to regulation 13, 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.
13. Any amendment to the main object as set out in regulation 3 must be approved both by Congregation of the University and subsequently by His Majesty in Council.
