The income from the investment of the remaining balance of the sum of £25,000 given to the University by the Viscount Nuffield, OBE, FRS, MA, Hon. DCL, LLD, Honorary Fellow of Pembroke and Worcester Colleges, and accepted under Decree (1) of 4 February 1941, shall be expended as follows:
1. There shall be appointed, under the provisions of either Ch. VII, Sect. IV, § 3 or ibid., Sect. V, § 3, a university lecturer whose duties shall be, under the direction of the Margaret Ogilvie’s Professor of Ophthalmology, to engage in teaching and research, whether of a clinical nature or otherwise, into the causes and cure of diseases affecting vision and who, if a medical practitioner, shall not engage in private practice otherwise than as permitted under the provisions of Ch. VII, Sect. V, § 1. The research shall be carried out
(a) in Oxford in such place or places (which may include the Oxford Eye Hospital) as the professor shall arrange, or
(b) elsewhere if approved by the Medical Sciences Board.
2. The annual income of the fund shall be applied, so far as is required, towards meeting, to such extent as may be agreed from time to time between the Medical Sciences Board and the Margaret Ogilvie’s Professor of Ophthalmology, the cost of the post referred to in cl. 1 hereof and (subject to similar agreement) of any other research posts in the Nuffield Laboratory of Ophthalmology.
3. Any balance of annual income not required for the purposes of cl. 2 hereof shall be applied to research purposes in the Nuffield Laboratory of Ophthalmology other than the staff costs referred to in cl. 2.
4. Any residual income in the Nuffield Fund at 1 February 1978 which is not required for the purposes specified in cll. 1-2 above, shall be expended by or under the direction of Margaret Ogilvie’s Professor in providing accommodation, apparatus, equipment, or other facilities for research in Ophthalmology, subject to the approval of the Medical Sciences Board.