1. The benefaction from Peter John Placito, Anthony Rudolph Placito and Dorothy Grace Placito which comprises the sum of £35,000, together with any further donations for this purpose, shall be known as the Lee-Placito Medical Fund, in memory of the late Anthony Placito and the late Emanoel Lee.
2. The University shall apply the fund for the general advancement of the science and practice of medicine and surgery by research within the University and the dissemination of the results of this endeavour for the public benefit.
3. The medical research supported by the fund shall have special reference to the fields of gastroenterology (which shall be regarded as including the physiology, histopathology, biochemistry, endoscopy, radiology, and cancers and other diseases of the digestive system) and of oncology, particularly the spread of cancer in the human body (which shall be regarded as including the molecular biology of metastasis and the cell genetics of metastasis).
4. The administration of the Fund, and the application of its capital and income, shall be the responsibility of a Board of Management consisting of:
(1) Peter John Placito during his lifetime;
(2) Anthony Rudolph Placito during his lifetime;
(3), (4) two persons appointed by the Medical Sciences Board to serve such period in each case as shall be determined from time to time by the board;
(5)–(8) four persons appointed by Council of whom one shall be Dr D.P. Jewell for as long as he is willing and able to act (but not beyond seventy-five years of age), and at least two shall not be members of the Faculty of Clinical Medicine.
The board of management shall have power to co-opt not more than two persons, who shall serve for five years and be re-eligible.
5. Regulations 3 and 4 above may be amended by Council, provided that any amendment has the prior consent of Peter John Placito and Anthony Rudolph Placito during their lifetime.