1. That part of the annual income of the foundation established by the will of John first Baron Craven of Ryton, who died in 1649, which is appropriated to the University of Cambridge shall constitute a trust fund called the Craven Fund.
2. The fund shall be used to provide one or more scholarships for knowledge of the languages and civilizations of ancient Greece and Rome, to provide one or more studentships, the holders of which shall engage in advanced study or research in the languages, literature, history, philosophy, archaeology, or art of ancient Greece or Rome, or the comparative philology of the Indo-European languages, and otherwise for the furtherance by means of grants of research in the said subjects.
3. The administration of the fund shall be entrusted to a Board of Managers constituted in such manner as the University may determine from time to time.
4. It shall be the duty of the Managers to elect the Craven Student or Students, without holding a competitive examination for the purpose, and to decide what grants (if any) are to be made for the furtherance of research. They shall perform their duties in accordance with regulations made by the University from time to time.
5. A Craven Student shall pursue his or her study or research (according to a scheme to be approved by the Managers) away from Cambridge, unless the Managers at their discretion waive this requirement.
6. In the election to any Craven Studentship or Craven Scholarship the Managers or Electors shall not take into consideration the financial circumstances of the candidates.