52.1. The main object of the bequest to the University from Christopher Welch, MA, Wadham College, the Founder of the Welch Scholarships, shall be the promotion of the study of Biology within the University by:
(1) the support of scholarships, to be called the Welch Scholarships, to be awarded to persons who are, or who have been accepted for admission as, graduate students of the University, and more especially for the encouragement of those who give proof of capacity for original observation and research;
(2) the discharge of all expenses incidental to the purposes of the fund, including the payment of honoraria to examiners;
(3) all or any of the following:
(a) the purchase of books or instruments such as microscopes, to be awarded to deserving but unsuccessful candidates for the scholarships;
(b) the award of prizes or exhibitions; and
(c) such other way or ways as shall be thought fit by the board of management of the fund.
52.2. The fund shall be administered by a board of management the membership of which shall be determined by Council by regulation, except that the Warden of Wadham College, or the Warden’s representative, shall always be a member.
52.3. The board shall determine the terms and conditions on which the scholarships shall be awarded, including their tenure and annual value, except that no person shall hold a scholarship for more than four years.
52.4. Congregation may from time to time amend this Part so long as the main object of the bequest, as defined in section 52.1 above, is always kept in view.