1. The University accepts with gratitude donations totalling £3,600, and any further sums which may be contributed for the same purpose, to establish a fund, to be known as the Gutiérrez Toscano Prize Fund, for the encouragement of the study of Applied Statistics at postgraduate level within the University.
2. The net income of the fund shall be used for the award of a prize for performance in the examination for the M.Sc. in Applied Statistics.
3. The prize, of a value to be determined from time to time by the Board of the Faculty of Mathematical Sciences, shall be awarded, if there is a candidate of sufficient merit, by the examiners for the M.Sc. in Applied Statistics to the candidate whose performance in that examination they judge to be the best.
4. The administration of the fund shall be under the direction of the faculty board, which may delegate this responsibility to the Standing Committee for the M.Sc. in Applied Statistics.
5. Income not expended in any year shall be carried forward for expenditure in subsequent years.
6. Council shall have full power to alter this decree from time to time, provided that the purpose of the fund, as defined in clause 1 above, shall always be kept in view.