1. The fund shall be called the ‘Alexander Allan Paton Memorial Fund’.
2. The capital sum of the benefaction shall be held by Barclays Bank Trust Co. Ltd., which having deducted from the annual income a sum not exceeding one and one-half per cent of the gross income for administrative charges shall pay the balance annually to the University.
3. The sums received by the University shall be applied in making grants to members of the University in statu pupillari as specified in clause 4 below to enable them to take part in expeditions organized by the Oxford University Exploration Club and recognized by Council if the committee referred to in clause 5 below is satisfied that they are in need of assistance for that purpose; provided that if the whole sum received in any year is not used for the aforementioned purposes the balance shall, at the discretion of the committee established under clause 5 hereof, be either
(a) used for making grants towards the general expenses of any such expedition taking place in that year; or
(b) carried forward and made available to the committee in future years for grants to individual members of the University qualified as aforesaid, or for grants towards the general expenses of expeditions organized and recognized as aforesaid; provided that any income made available to the committee under this sub-clause shall be expended within five years of its accrual.
4. Only those members of the University shall be eligible to receive grants who, being in statu pupillari, are studying for or have been classed in one of the Final Honour Schools within the Faculty of Biological Sciences or in Geology or in Geography or under the Committee for Human Sciences.
5. A committee composed of
(1) the Head of the Department of Zoology or a deputy appointed by the head;
(2) the Sherardian Professor of Botany or a deputy appointed by the professor;
(3), (4) two other persons nominated by the Board of the Faculty of Biological Sciences
shall meet when required and shall determine what grants shall be made under the provisions of clause 3 above.
6. This decree may be amended by Council subject to the written consent of the aforesaid Barclays Bank Trust Co. Ltd, the trustee of the fund: provided always and it is hereby accepted by the University that it is the donor’s express wish that the main object of the benefaction shall be connected with the Faculty of Biological Sciences.