1. The investments from time to time representing the endowment given by the will of John Hulse, who died on 14 December 1790, shall constitute a trust fund called the Hulsean Fund.
2. There shall be paid out of the income of the fund (a) to the Master, Fellows and Scholars of St John's College, for the maintenance of scholarships in the College, one-third part of the net income arising from the property in Sandbach and Bradwell (forming part of the original endowment) or from any property from time to time representing the same; (b) to the Chest such sum for defraying expenses connected with the administration of the fund as the Finance Committee of the Council may think fit.
3. The remainder of the income of the fund shall be used to provide a Hulsean Preachership, a Hulsean Prize, and, if the University from time to time so determines, a Hulsean Lectureship, and, after such provision has been made, towards providing the stipend of the Norris-Hulse Professor.
4. A Hulsean Preacher shall be elected in every year, whose duty it shall be to deliver in the University one or more sermons.
5. When a Hulsean Lecturer is appointed it shall be his or her duty to deliver lectures on some branch of Christian Theology.
6. The electors to the Preachership and Lectureship shall be the Vice-Chancellor, the Masters of Trinity and St John’s Colleges, and the Professors of Divinity; provided that the Vice-Chancellor, the Master of Trinity, and the Master of St John’s shall each have power to appoint a deputy to act on her or his behalf, and that the Professors of Divinity shall each have power to appoint a deputy who is another Professor in the Faculty of Divinity to act on her or his behalf.
7. Subject to this Statute the University may from time to time make regulations regarding the time and manner of elections to the Preachership and Lectureship, the conditions and duration of their tenure, the remuneration of the Preacher and the Lecturer, and any other matters relating to the administration of the fund.
8. The Hulsean Prize shall be awarded for a dissertation on a subject pertaining to some branch of Christian Theology.
9. A winner of the prize shall not again be a candidate.