The University may by statute determine in respect of each of the professorships specified in the said schedule (other than the Professorship of Political Economy and the Sherard Professorship of Botany) how and by whom upon the occasion of the next or any subsequent avoidance of such professorship the professor is to be elected; and in the case of the Sherard Professorship of Botany therein named, the professor shall be appointed by the President and Council for the time being of the Royal College of Physicians of London; and the said University may, with the consent of the said President and Council of the College of Physicians, vary and define the qualifications of candidates for election to the said Sherard Professorship.

If at any time hereafter a new professorship of political economy, chemistry, geology or mineralogy is established in the University of Oxford, it shall be lawful for the University by statute to suppress the existing professorship of that science for which provision is made by a new professorship; and after the suppression of any professorship authorized to be suppressed by this section, the annual sum now payable by the University as a salary to the professor holding the suppressed professsorship shall be applied in promoting and assisting, by the purchase of materials or apparatus, by the support of assistant teachers, or by such other means as the University may by statute determine, the study and cultivation in the University of the science which forms the subject matter of the suppressed professorship: Provided, that if the Professorship of Mineralogy is suppressed, the annual sum thereby rendered disposable may, if it be thought fit, be applied in manner aforesaid to the promotion of the study of geology or any branch thereof; and if the Professorship of Geology be suppressed, the annual sum may, if it be thought fit, be applied to the promotion of the study of mineralogy or any branch therof.

The power hereby given to the University of suppressing any of the said Professorships of Political Economy, Chemistry, Geology, or Mineralogy may be exercised although the new professorship substituted for any suppressed professorship is a professorship attached to a college, and established under a statute of such college now in force, if the functions and duties of such new professorship are subject to regulation by the University, and are not confined to the instruction of members of the college.

The election or appointment of any person who may be hereafter elected or appointed to any of the said Professorships of Political Economy, Chemistry, Geology, and Mineralogy may if it be thought fit, be declared by statute of the University to be subject to the operation of any statute for the suppression of the professorship that may afterwards be made or come into operation.

The University may vary by statute the directions, trusts, or regulations relating to the Kennicott Scholarships, and to the Johnson Scholarships, and to the Denyer Theological Prizes, with a view of promoting the study of theology, Hebrew, and mathematics respectively, and may for that purpose, if it be deemed advisable, convert the Denyer Theological Prize into a theological scholarship or scholarships.

Every statute passed by the University by virtue of this Act shall with all convenient speed after the passing thereof be laid before Her Majesty in Council, and forthwith published in the London Gazette; and any person or body corporate affected thereby may within a month after the publication thereof petition Her Majesty in Council against the same or any part thereof; and every such petition shall be referred by Her Majesty by Order in Council for the consideration and advice of five members of her Privy Council, of whom two F3... shall be members of the Judicial Committee; and such five members may, if they think fit, admit any petitioner to be heard by counsel in support of his petition; and if, no such petition having been presented, or if, after any petition so presented has been referred and considered, such five members of the Privy Council, or the major part thereof, shall report to Her Majesty their opinion that such statute should be approved with or without modifications, the said statute or modified statute shall be forthwith laid before both Houses of Parliament, if Parliament be then sitting, or, if not, then within three weeks after the commencement of the then next ensuing session of Parliament, and, unless an address be within forty days presented by one or other of the said Houses, praying Her Majesty to withhold her consent from such statute or modified statute, or any part thereof, it shall be lawful for Her Majesty, if she think fit, to declare by Order in Council her approbation of the statute or modified statute; and the same shall thereupon become a statute of the University of Oxford, notwithstanding any Act of Parliament, decree or order, deed or instrument of foundation or endowment; and if the statute or any part thereof is not so approved by Her Majesty, the University may frame and pass another statute in the matter, and so on from time to time as often as occasion requires.

Every statute made by the University by virtue of this Act shall be subject to alteration or repeal by the University, with the approval of Her Majesty in Council.

Every statute of the University made in pursuance of the M1Oxford University Act 1854, . . . F1 which has been approved by Her Majesty in Council, shall be subject to alteration and repeal by the University, with the approval of Her Majesty in Council.

This Act shall not be construed to take away or affect any power of making statutes or regulations now possessed by the University or by any college therein, nor shall it prejudice or affect any interest vested in any member of the University previously to the passing of this Act.

In the construction of this Act the words “professor” and “professorship” respectively shall include public readers and prælectors, and their several offices.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F2 the Vice Chancellor of the said University may from time to time, with the approval of any three of the judges of Her Majesty’s Superior Courts, make rules for regulating the practice and forms of procedure in all proceedings within the jurisdiction of the Court of the Chancellor of the said University commonly called the Vice-Chancellor’s Court, and may from time to time, with the like approval, annul, alter, or add to any such rules.

This Act may be cited for all purposes as “The Oxford University Act 1862.”