1. The benefaction from Professor Andrew McMichael which comprises £1,185,460, together with any further donations for this purpose, shall be known as the Andrew McMichael Fund for Research in Infection and Immunity.
2. The University shall apply the Fund to promote research in Infection and Immunity in or sponsored by an Oxford University clinical department or institute. This may include but need not be exclusively confined to the provision of funds for staff, students, equipment and posts in Infection and Immunity.
3. The administration of the Fund, and the application of its capital and income, shall be the responsibility of a Board of Management comprising:
(1) Professor Andrew McMichael during his lifetime or a successor nominated by him who shall serve for a period not exceeding 25 years from the date of the establishment of the Fund;
(2) the Regius Professor of Medicine;
(3)–(5) three persons appointed by the Medical Sciences Board following consultation with Professor McMichael during his lifetime.
The Medical Sciences Board shall appoint a Chairman from amongst the members of the Board of Management. Appointed members shall serve for an initial period of up to five years and shall be eligible for re- appointment for one further period.
4. Regulation 3 above may be amended by Council provided that any amendment be agreed with Professor McMichael during his lifetime.