1. The University receives with gratitude the bequest of Carl Subak to be held as expendable endowment on the trusts declared in this regulation. The assets so held will be known as the Subak (Heberden Coin Room) Fund ("the Fund").
2. The University shall apply the income and, in its discretion, the capital of the Fund, for the benefit of the Heberden Coin Room ("the Coin Room") in the Ashmolean Museum, except that the fund shall not be used for the routine maintenance of the Coin Room.
3. Until 30 June 2095, the Fund shall have two distinct purposes:
(1) the first $2m of the bequest shall be ringfenced for the acquisition of coins and medals for the Coin Room;
(2) the remainder of the bequest shall be ringfenced for numismatic research.
4. The administration of the Fund, and the application of its income, shall be the responsibility of the Director of the Ashmolean Museum with advice sought from the Keeper of the Heberden Coin Room and accountable to the Executive Management Group of the Ashmolean Museum.
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.
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 2 or 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.
