1. Every College shall maintain the number of Fellowships without dividend allotted to it in Schedule C for such Professors or other University officers as are specified in Schedule B. The Fellowships required to be maintained as aforesaid are hereinafter termed Professorial Fellowships, and the number of such Fellowships allotted to a College is hereinafter termed the quota. A person holding or appointed or elected to hold an office placed in Schedule B shall not be elected at a College to any Fellowship other than a Professorial Fellowship. An officer specified in Schedule B who is the Head of a College shall be deemed to be the holder of a Professorial Fellowship in that College.
2. The Council shall in the year 1966 and in every tenth year thereafter consider Schedule C and may in that year, or, if they think fit, in any intermediary year propose a revision thereof. The Council shall publish any proposed revision to the University and, save as hereinafter provided, the proposed revision shall become effective when thirty days of full term have elapsed after its publication. At any time within that period any College affected by the proposed revision may make representations to the Chancellor. Thereafter the Chancellor shall have power to make the proposed revision or any modification thereof approved by the Council or to make no revision.
3. The University may make alterations in Schedule B from time to time by Grace.
4. A College shall not have power to elect to a Professorial Fellowship a person holding, or appointed or elected to hold an office placed in Schedule B, unless at the time of the election to such a Fellowship
provided that
5. If among the Fellows of any College the actual number1 of persons competent to hold Professorial Fellowships is less than the quota of such Fellowships for that College, and if there are in the University five or more persons competent to hold Professorial Fellowships but not holding Fellowships at any College, that College shall take steps to ensure that the vacancy is filled not later than one year after its occurrence, provided that
6. A Fellowship with dividend shall not be tenable by an officer specified in Schedule B, provided that this section shall not debar such an officer from receiving from a College as dividend the whole or part of the remuneration due to him or her as Head of the College.
7. Any dispute between the University and a College regarding the obligations of the College under this chapter shall be referred to the Council, from which an appeal shall lie to the Chancellor.
8. If the office of Chancellor is vacant the functions assigned to the Chancellor by this chapter shall be exercised by the High Steward.
9. In the application of this Statute to a College which is able under its Statutes to elect men or women to Fellowships but which, if previously a College of which only men might be Fellows has never elected a woman (other than a bursar) to a Fellowship, or if previously a College of which only women might be Fellows has never elected a man (other than a bursar) to a Fellowship, that College shall be deemed to be a College of which only men may be Fellows or of which only women may be Fellows as the case may be; provided that in either case for the purpose of the first election of a Professorial Fellow of the opposite sex section 4 of this Statute shall apply as if the College were one of which both men and women may be Fellows.
10. A Professorship placed in Schedule B may be specified by Grace as a Professorship which, for the purpose of this Statute, shall also be placed in Schedule H. A Professorship placed in Schedule H shall be governed by the following special provisions notwithstanding anything contained in sections 4 and 5 of this Statute:
11. (Repealed by Grace 6 of 13 December 2000 and by Order in Council dated 18 July 2001.)
1. Every College in the University shall make a yearly contribution, which shall be applied to the purposes hereinafter prescribed.
2. The following items shall constitute the assets of a College:
But the assets and liabilities relating to any occupational pension scheme registered for income tax purposes shall not be included in the assets of the College.
3. (a) The following assets of a College shall constitute its operational assets:
4. A business of a College shall mean any activity that involves the use of the operational assets of the College conducted or permitted by the College or by a subsidiary of the College with a view to deriving income other than from the College or its members, whether or not that activity falls within the charitable purposes of the College.
5. The assessable assets of a College shall comprise all of its assets except (i) its operational assets, and (ii) assets held by the College or by or with any other trustee or trustees on trusts approved by the Finance Committee as being exclusively for non-Collegiate purposes.
6. The assessable amount of a College, in respect of any year, shall be the value of its assessable assets on the valuation date. The valuation date shall be the last day of the accounting period for the preceding year. A change in the accounting period for a College shall require the approval of the Finance Committee.
7. In the case of a trust partly for Collegiate and partly for non-Collegiate purposes, the value of the assets of the trust in respect of any year shall be taken to be the value at the valuation date of the whole assets of the trust multiplied by the Collegiate distribution for the accounting period for that year divided by the income for that accounting period. For the purpose of this section, in relation to a trust,
8. The value of a business of a College in respect of any year shall be derived from a notional operating surplus equal to the turnover of the business during the accounting period for that year multiplied by a defined percentage, which notional operating surplus is then capitalized for a yield of 4% (or such other figure as may be determined by Ordinance). For the purpose of this section,
9. The Finance Committee shall make, and may vary from time to time, rules for the purposes of this chapter. Without prejudice to the generality of the foregoing, such rules may include provision for
Such rules shall include provision for the disregard of a business established as a school for the supply of Choristers to the College.
10. The Finance Committee may obtain professional advice in connection with any matter concerning this chapter. The cost of such advice shall be paid from the Colleges Fund.
11. The Finance Committee may give written notice to a College of its intention to review the contribution payable by the College in respect of any year. Such notice shall specify the year in respect of which it is given, and shall be given not later than the end of the accounting year sixth after the accounting year for the year in respect of which it is given. But later notice may be given where the intention of the Finance Committee is based on facts of which it was previously unaware and could not reasonably have been aware. Any such later notice shall specify the facts on which it is based and shall be given not later than three months after the Finance Committee first became aware of those facts. No notice shall be given later than the end of the accounting year twelfth after the accounting year for the year in respect of which it is given. A notice given under this section may require the submission of such information and evidence as is specified in the notice in connection with any matter concerning this chapter. A notice shall state a time by which any information and evidence specified in it, and any representations in relation to it, shall be received from the College.
12. After considering the information, evidence, and representations received from the College within the time stated in the notice (or within any extension of time allowed), the Finance Committee shall conduct its review and shall determine the contribution due from the College in respect of the year concerned. Such determination shall be binding and effectual for the purposes of this chapter, but may be varied by the Finance Committee after further review made on the application of the College. After conducting a review, the Finance Committee may require payment by the College to the Colleges Fund of all or any part of the costs incurred by the University in the review.
13. The Finance Committee may agree with a College the nature, valuation date or value of any of its assets. Such agreement may be unconditional or subject to such conditions as the Finance Committee may determine. Such agreement shall be terminable at will by the Finance Committee, provided that such termination shall not affect the contribution payable by a College in respect of any year the accounting period for which has then passed. An agreement may be made notwithstanding any conflict with rules made by the Finance Committee under this chapter.
14. In making rules under this chapter, and in agreeing with a College under section 13 the nature, valuation date or value of any of its assets, the Finance Committee shall have regard to the desirability of achieving fair, reasonable, and administratively simple outcomes.
15. Any approval by the Finance Committee under this chapter may be given unconditionally or subject to such conditions as the Finance Committee may determine.
16. The contribution of a College shall be calculated in accordance with the provisions of Schedule G.
17. Every College shall pay to the University on or before 31 December following the end of the accounting period for a year one-half of the contribution calculated for that year, and the remaining one-half on or before 30 June next following.
18. The contributions of the Colleges shall be paid into a Colleges Fund. Payments from the Colleges Fund shall be made in accordance with the provisions of this chapter and, in accordance with Ordinances enacted by the University, for grants to the Colleges. Such grants may include investment for the benefit of a College in an amalgamated fund constituted under Statute F, III, 6 subject to such restrictions as may be prescribed by Ordinance.
19. If in the opinion of the Finance Committee inequity or hardship owing to exceptional circumstances would be inflicted upon a College by the enforcement of the provisions of this chapter, the University shall have power to remit or defer payment of the whole or part of the contribution of the College in respect of any year.
20. If there is any dispute between the Finance Committee and a College concerning any matter in relation to this chapter, the question shall be decided by the Council. Any College affected by the decision of the Council may, within six months after notice of the decision, appeal to the Chancellor or, if the office of Chancellor is vacant, the High Steward, who may affirm, reverse, or vary the decision.
21. Where a College becomes aware of any error in the calculation of its contribution, it shall notify the Finance Committee, who shall determine what correction (if any) should be made.
22. Where a correction or other adjustment is made to the assessable amount of a College in respect of any past year, the Finance Committee shall notify all of the Colleges of the changes to be made in relation to that year. Each College shall account for such changes in the accounting period in which notification is given.
23. In the interpretation of this chapter: