4. The fund, or such part thereof as shall not be used as aforesaid, shall be invested in such securities as aforesaid as may be approved of by the Board of Governors, and the interest arising from such investment shall be used for the furtherance of the objects of the fund. 5. The Hutton Memorial Medal shall be awarded from time to time by the Board of Governors, in accordance with these regulations, to persons who have made some noticeable contribution in connection with the zoology, botany, or geology of New Zealand. 6. The Board shall make regulations setting out the manner in which the funds shall be administered. Such regulations shall conform to the terms of the trust. 7. The Board of Governors may, in the manner prescribed in the regulations, make grants from time to time from the accrued interest to persons or committees who require assistance in prosecuting researches in the zoology, botany, or geology of New Zealand. 8. There shall be published annually in the Transactions of the New Zealand Institute the regulations adopted by the Board as aforesaid, a list of the recipients of the Hutton Memorial Medal, a list of the persons to whom grants have been made during the previous year, and also, where possible, an abstract of researches made by them. Regulations Under Which the Hutton Memorial Medal Shall be Awarded and the Research Fund Administered. 1. Unless in exceptional circumstances, the Hutton Memorial Medal shall be awarded not oftener than once in every three years; and in no case shall any medal be awarded unless, in the opinion of the Board, some contribution really deserving of the honour has been made. 2. The medal shall not be awarded for any research published previous to the 31st December, 1906. 3. The research for which the medal is awarded must have a distinct bearing on New Zealand zoology, botany, or geology. 4. The medal shall be awarded only to those who have received the greater part of their education in New Zealand or who have resided in New Zealand for not less than ten years. 5. Whenever possible, the medal shall be presented in some public manner. 6. The Board of Governors may, at any annual meeting, make grants from the accrued interest of the fund to any person, society, or committee for the encouragement of research in New Zealand zoology, botany, or geology. 7. Applications for such grants shall be made to the Board before the 30th September. 8. In making such grants the Board of Governors shall give preference to such persons as are defined in regulation 4. 9. The recipients of such grants shall report to the Board before the 31st December in the year following, showing in a general way how the grant has been expended and what progress has been made with the research. 10. The results of researches aided by grants from the fund shall, where possible, be published in New Zealand. 11. The Board of Governors may from time to time amend or alter the regulations, such amendments or alterations being in all cases in conformity with resolutions 1 to 4.