1. The University receives with gratitude a legacy gift from Mr John Warner to be held as expendable 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 Creet–Warner Fund (“the Fund”).
2. The University shall retain as permanent endowment those of the assets in the Fund (if any) 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 benefit of the Ashmolean Museum, in particular to support publicising Chinese and Chinese-related displays and exhibitions, catalogues and programmes.
4. The administration of the Fund, and the application of its income, shall be the responsibility of the Ashmolean Museum Executive Committee.
5. 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.
6. 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.
7. These regulations shall be deemed to be Trust Regulations under the provisions of Part D of Statute XVI.
8. Subject to regulation 9, 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.
9. Any amendment to the main object(s) as set out in regulation 3, must be approved both by Congregation of the University and subsequently by His Majesty in Council.
