1. The sum of £103, given as the endowment of a prize for the encouragement of the study of Human Anatomy and, in particular, of the art of drawing, in relation thereto, and the investments for the time being representing the same, shall be held by the University upon an account to be called ‘The Welsh Memorial Fund’.
2. The income of the fund shall be used at the discretion of Dr Lee’s Professor of Anatomy, or other principal teacher of Human Anatomy within the University, and shall be offered by him or her once in every year, either in money or books, as a prize for the best set of drawings illustrative of Human Anatomy, the work of a student, being a member of the University, who shall have been bona fide engaged in the study of that subject in the Anatomical Laboratory of the University during not less than one term prior to the term in which the prize is to be awarded, and who on 30 June in the year of award shall not have exceeded 23 years of age; provided always that the Prize shall never be awarded a second time to the same person.
3. In the event of no student submitting a set of drawings as aforesaid, or of no drawings being submitted which shall be in the judgement of the professor of sufficient merit to be deserving of the prize, the professor may at his or her absolute discretion award the sum to any student qualified as aforesaid as a reward for conspicuous excellence in any other branch of the study or practice of Human Anatomy.
4. If in any year the prize be not awarded, the income of the fund shall be carried forward for use in augmentation of the prize or for the award of additional prizes at the discretion of the professor (or other principal teacher).
5. This decree may at any time be added to, altered, or repealed by Council.