UNIVERSITY RESEARCH, INNOVATION AND DEVELOPMENT ORDER

UNIVERSITY RESEARCH,

INNOVATION AND DEVELOPMENT TRUST

SUBSIDIARY LEGISLATION 327.371

UNIVERSITY RESEARCH, INNOVATION

AND DEVELOPMENT ORDER

1st May, 2010

LEGAL NOTICE 186 of 2010.

The title of this Order is the University Research,

Innovation and Development Trust Order.

There is hereby established a trust to be known as the

U n i v e r s i t y R e s e a r c h , I n n o v a t i o n a n d D e v e l o p m e n t Tr u s t

(hereinafter in this Order referred to as "the Trust") which shall be

a trust

(a) established for charitable purposes as defined in the

Trusts and Trustees Act; and

(b) which shall be an entity falling under the supervision

and control of the University of Malta in the same

manner and to the same extent as though it were

established by the said university; and

(c) to which the provisions of the Trust and Trustees Act

and any regulations made thereunder including the

University Research, Innovation and Development

Trust (Exemption) Regulations shall apply.

The Trust shall receive any settlements and donations of

any type and in any manner, whether inter vivos or causa mortis.

The trustees of the Trust shall be the Board of Trustees

composed as set out in article 5, hereinafter referred to as "the

Trustees".

The Board of Trustees shall be composed of not less than

three and not more than seven members, one of whom shall be the

Rector of the University of Malta ex officio, together with at least

two of the following

(a) the President of Council of the University of Malta ex

officio;

(b) the Governor of the Central Bank of Malta ex officio;

(c) the Permanent Secretary of the Ministry of Finance ex

officio;

(d) two other persons appointed by the Prime Minister

from amongst the members of the Council of the

University of Malta.

Any bank account in which any of the funds of the Trust

are deposited shall be held in the name of the Trust

Provided that

(a) all instructions in connection with the operation of

such an account shall be signed by at least two

UNIVERSITY RESEARCH,

INNOVATION AND DEVELOPMENT TRUST

Trustees, and

(b) the Trustees may from time to time appoint any one or

more persons (who need not necessarily be Trustees)

to act as signatories in respect of the said bank account

with such powers and subject to such terms, conditions

and limitations as the Trustees shall deem appropriate.