Chapter XII - 1451k - the University Offices - University of Cambridge

858 TRUST EMOLUMENTS
Unexpended
Income.
5. Any unexpended income in a financial year shall either be added to the capital of the Fund or
accumulated for use as income in any one or more subsequent years, as the Managers may determine.
6. The Fund shall be administered by the Managers in accordance with the provisions of the
agreement with the donor dated 26 May 2011.
J. M. KEYNES FELLOWSHIPS IN FINANCIAL ECONOMICS
Title and
purpose.
Managers.
Fellows.
Duties.
Tenure.
Application of
remaining
income.
Unexpended
income.
Grace 4 of 17 February 2010
1. The gift of £5m to the University from The Pyewacket Foundation shall form a fund to be called
the J. M. Keynes Fellowships Fund the income of which shall be used for research into all aspects of
finance, financial institutions, and financial markets, and their relationship with micro-economic
behaviour and macro-economic performance, including public policy issues relating to financial markets.
2. The Managers of the Fund shall be:
(a) The Vice-Chancellor (or a duly appointed Deputy) as Chairman;
(b) one person appointed by each of the Faculty Boards of Business and Management, Economics,
Law, and Mathematics;
(c) three persons, including two persons external to the University, appointed by the General Board;
(d) William Janeway in his personal capacity or such person as he may designate as his successor.
Members in classes (b) and (c) shall be appointed in the Michaelmas Term to serve for four years
from 1 January following their appointment.
The Managers shall be responsible for the administration of the Fund, for the promotion of work in
financial economics, and for encouraging collaboration between cognate Faculties and Departments in
the areas specified in Regulation 1.
3. The first charge on the income of the Fund shall be the emoluments of such number of
J. M. Keynes Fellows in Financial Economics as the Managers shall determine and shall be elected by
the Managers of the Fund. The stipend of a Fellow shall be determined by the Managers within a
range determined by the General Board.
4. The duties of a Fellow shall be to further interdisciplinary research and study in the general area
of financial economics, in accordance with Regulation 1, on the basis of a proposal approved by the
Managers at the time of election. A Fellow shall give an annual lecture on her or his work during the
tenure of the Fellowship and shall submit an annual report to the Managers on the activities subtended
by the Fellowship.
5. A Fellowship shall be tenable for up to five years and shall not be renewable.
6. After provision has been made in accordance with Regulation 3 the remaining income of the
Fund may be applied at the discretion of the Managers for the following purposes:
(i) to make grants as they consider appropriate in respect of expenses incurred in connection with
the research undertaken by a Fellow,
(ii) to make grants in support of other research programmes in the fields specified in Regulation 1.
7. Any unexpended income of the Fund in a financial year may be either added to the capital of
the Fund or accumulated for use as income in future years, as the Managers may determine.
MILO KEYNES FUND
Title.
Managers.
Purpose.
Grace 2 of 12 April 2012
1. The sum bequeathed to the University by the late Dr Milo Keynes, M.A., M.D., M.Chir., of
Trinity College, shall form a Fund called the Milo Keynes Fund.
2. The Managers of the Fund shall be the Regius Professor of Physic, the Professor of Surgery, and
the Director of Medical Education in the Clinical School.
3. The income from the Fund shall be used for a Milo Keynes Prize or Prizes to be awarded at the
absolute discretion of the Managers for the following purposes:
(i) to encourage non-medically qualified persons to work in medical departments;
(ii) to help with the travel of medical postgraduates who are at an early stage of their academic
career and who are not holding a tenured University post;
(iii) to reward an exceptional piece of research by a medical graduate who is at an early stage of her
or his academic career and who is not holding a tenured University post.