Chapter I

FINANCIAL MATTERS

1. It shall be the duty of the Council,

(a)to exercise general supervision over the Chest and over the finances of all institutions in the University other than the University Press;
(b)to keep under review the University's financial position and to make a Report thereon to the University at least once in each year, recommending allocations from the Chest;
(c)to recommend Bankers for appointment by Grace as bankers to the University;
(d)to prepare and to publish the annual accounts of the University in accordance with UK applicable accounting standards such that the accounts give a true and fair view of the state of affairs of the University;
(e)to perform such other duties relating to financial management as may be assigned to it by Statute or Ordinance.

2. The Council shall be responsible for the care, management, and maintenance of all property, both real and personal, which is either owned by the University or held in trust for University purposes, except such as may be committed by Statute or Ordinance to the care and management of some other University body. Approval by Grace of the Regent House shall be required for the erection of a new University building or for the demolition or substantial alteration of an existing University building.

Chapter II

THE CHEST, AUDIT

1. Save as is otherwise provided in Statutes or Ordinances regarding trusts and special funds and regarding sums which are required to be paid to Faculty or Departmental funds, all income accruing to the University shall be credited to the account of the Chest.

2. Separate accounts shall be kept in such form as the Council may direct for all trust funds, for such funds as may be created special funds by the Council or the University, and for the funds arising from grants from external sources or from grants or gifts from other bodies or persons for special work carried out under the direction of the University.

3. Any money received by any University body or officer for the purpose of any Faculty or Department, or for any other University purpose, shall be included in the appropriate account.

4. The accounts of the Local Examinations Syndicate shall be audited annually by one or more qualified accountants appointed by the Council. The Council shall in every year appoint one or more persons from among the members of the Finance Committee, who shall examine these accounts, confer with the auditor or auditors, and report to the Council.

5. Except as may be provided otherwise by Statute J and by section 4 above, the accounts of the University shall be audited annually by qualified accountants appointed by Grace on the nomination of the Council.

Chapter III

FINANCIAL POWERS AND INVESTMENT

1. The University shall have all the powers of a natural person to acquire, manage, charge, deal with, and dispose of property, both real and personal, and to enter into and carry out any transaction relating to its property or otherwise in connection with the management of its affairs, so that it may exercise any power and may enter into and carry out any kind of transaction without limitation.

2. The powers in section 1 of this Chapter may be exercised at the absolute discretion of the University and shall apply to investment as well as to any other activity or function of the University.

3. The powers in section 1 of this Chapter shall apply to property, both real and personal, of which the University is trustee, save that, in the case of a trust of which the University is not sole trustee, where the trust instrument creating the trust expressly provides to the contrary and less than sixty years have elapsed since that instrument came into operation, the powers shall not so apply without the consent of the other trustees.

4. The University may enact Ordinances providing for:

(a)the exercise and delegation of the powers in section 1 of this Chapter; and/or
(b)the collective investment of any property, real or personal, held by or for the University, with or without any other property.

5. Such Ordinances shall be read with, and shall have the same force as, these Statutes to the extent that they are consistent with these Statutes, Ordinances, and any Act of Parliament.

6. In favour of any person having dealings with the University, a certificate signed by the Registrary that any Ordinances enacted under section 4 of this Chapter have been complied with shall be conclusive.