Each institution could choose to reject the board's recommendations.

"It's curious that a major financial institution would choose to be both judge and jury," she said.

Nevertheless, the institutions chose not to make the single most important statement of dissent, which would have been to sell the stock.

Each institution may choose from several different schemes of organization using the terms, in most-macroscopic to most-microscopic order: university, college, school, division, department, and office.

Beyond the key pieces of information outlined on the curriculum and resources, each institution will choose which further items it reviews.

Only in a couple of cases have institutions chosen to become involved, lawyers say.

Financial institutions therefore chose these instruments as ways of avoiding the regulations of the capital market.

The institutions that the finance director talks to are chosen on the basis of detailed share-register research, rather than who is free for lunch.

Other institutions, such as Ulster Bank, which are not covered may choose to join the scheme.

By 1950, 34 institutions had chosen University Circle as their home.