1. The fund shall be invested by the University, and the income arising therefrom shall be devoted to the maintenance of prizes for excellence in practical organic chemistry, to be called Turbutt Prizes.
2. The Board of the Faculty of Physical Sciences shall be the board of management for the prizes. The board may appoint a committee for the exercise of its functions under these regulations.
3. The value of the prizes shall be determined by the board, which may also make supplementary regulations, not inconsistent with the terms of this decree, for the administration of the prizes.
4. The prizes shall be open to members of the University who are pursuing the course for Part I of the examination in Chemistry in the Honour School of Natural Science. One or more prizes shall be offered in each academic year in respect of each of the first, second, and third years of the course.
5. Recommendations for awards of the prizes shall be made to the board by the Waynflete Professor of Chemistry, after consultation with the readers and lecturers in Organic Chemistry.
6. Surplus income arising from whatever cause may, at the discretion of the board, either be added to the capital of the fund or carried forward for expenditure in future years.
7. Council shall have power to alter this decree provided that the main object of the donors (namely, the establishment of prizes in practical organic chemistry) shall always be kept in view, and that the name of Colonel Turbutt shall always be associated therewith.