1.1. The assets from time to time representing Mr John Abbott's bequest, accepted by the University in 1871, shall constitute a fund known as the Abbott Fund.
1.2. The fund shall be administered by a board of management of which the constitution shall be determined by Council.
1.3. The board shall from time to time apply the net income of the fund in making awards, to be known as Abbott's Bursaries, for the support of members of the University who are:
(1) reading for
(a) a first degree, or
(b) the Degree of Bachelor of Medicine or an equivalent degree, or
(c) a second honour school,
of the University; and
(2) standing in need of financial assistance to enable them to obtain the full benefit of a university education.
1.4. The board shall, subject to the approval of Council, determine from time to time the conditions of award of the bursaries, and the value and tenure of each, and the eligibility of candidates, provided always that the bursaries shall be awarded in such a way as to give encouragement to learning.