1. The investments from time to time representing the endowment created in 1932 by the Will of Frank Edward Elmore shall constitute a trust fund called the F. E. Elmore Fund.
2. The first charge on the income of the Fund shall be the provision of one or more studentships to be known as Elmore Medical Research Studentships, the holders of which shall devote themselves to research in medicine or in some branch of the medical sciences at or from the University.
3. The University may from time to time make regulations for the Fund and the Studentships. Such regulations may provide for income not expended on Studentships to be used for the support of study or research in the University in the field of medical education or research.