1. The University receives with gratitude funds to be held as expendable endowment on the trusts declared in these regulations. Further money or property may be paid or transferred to the University as either permanent or expendable endowment to be held on the same trusts. The assets so held will be known as the Oxford University Cricket Club Endowment 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; and (b) apply the income and, in its discretion, the capital of the remainder of the Fund, towards the promotion of participation in the sport of cricket in particular among student members of the University (“the Trust Purpose”). For so long as the Oxford University Cricket Club (“the Club”) exists and continues to have exclusively charitable objects, the University shall advance the Trust Purpose exclusively through the application of funds to the Club.
4. The administration of the Fund, and the application of its income, shall be the responsibility of the Sports Strategic Sub-Committee of the Education Committee, which may appoint a board to manage the Fund on its behalf.
5. 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.
6. 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 Trust Purpose (provided, however, that such costs shall not exceed the amount charged by the University to any other of its trust funds of a comparable size).
7. 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.
8. These regulations shall be deemed to be Trust Regulations under the provisions of Part D of Statute XVI.
9. Subject to regulation 10, 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.
10. Any amendment to regulation 3 is an amendment to the main objects of the Fund for the purposes of Part D of Statute XVI and must be approved both by Congregation of the University and subsequently by His Majesty in Council.
