1. The University accepts from the Trustee of the University of Oxford Development Trust Fund the sum of £15,000, being a benefaction from Mr J.K. Corcoran, and any further sums which may be donated for the same purpose, to establish a fund in memory of Mr S. Corcoran, Wadham. The net income from the fund shall be applied to provide a prize or prizes, each to be known as a Corcoran Memorial Prize, for award to graduate students of the University in Statistics, and also the annual Corcoran Memorial Lecture (or Lectures) in Statistics.
2. The fund shall be administered by the Board of the Faculty of Mathematical Sciences, which shall appoint a committee to determine the value of the prize or prizes, appoint judges, and appoint the lecturer or lecturers (who may be the prizewinner or prizewinners). This committee, which shall meet each Michaelmas Term, shall comprise the Professor of Applied Statistics and the Professor of Statistical Science ex officio and two other members elected by the board for periods of five years. The elected members shall be re-eligible.
3. One or more prizes of equal value, consisting of a bronze medal and a sum of money, shall be awarded every two years to members of the University provided that there are candidates of sufficient merit.
4. Each prize shall be awarded for outstanding work, as determined by the committee, in the form of a dissertation or thesis, deposited in the Bodleian Library or another library within the University, or in the form of a publication, provided always that the dissertation, thesis, or publication shall have been deposited or published within the twelve terms preceding the date of the award.
5. A prize shall not be awarded on more than one occasion to the same person.
6. The lecturer or lecturers shall be appointed annually by the committee, which shall determine the fee, if any, to be paid from the fund to each lecturer.
7. If in any year a prize is not awarded or there is unexpended income from the fund for any other reason, the surplus income shall be carried forward for expenditure in subsequent years.
8. Council shall have power to alter this decree from time to time, provided that in any change of decree the object of the fund, as stated in clause 1 above, shall always be kept in view.