1. There shall be two prizes in the University of Oxford to be called ‘the Arnold Prizes’ for the encouragement of the study of history, one for ancient history and one for modern history.
2. The Ancient History Prize shall be awarded each year in Hilary Term to the writer of the best essay or dissertation on some subject of ancient history between 1500 B.C. and A.D. 500, if such essay shall be deemed worthy of a prize. The offer of the prizes for the next year shall be announced before the close of Hilary Term. The candidates shall be members of the University reading for a final honour school. They may choose their own subjects, subject to the approval of the Board of the Faculty of Classics, under such conditions as the board may prescribe. The board shall appoint up to three judges, to serve for such terms as it may prescribe.
3. The Modern History Prize shall be awarded each year to the writer of the best thesis in modern history submitted in the Honour School of History, or any joint school in which History is a component, or in the Honour School of Philosophy, Politics and Economics, if such thesis be deemed worthy of a prize. Modern history shall be defined for the purpose of this decree as the period between ad 285 and the latest terminal date for the time being of the subjects of the Honour School of History. The judges shall be the Public Examiners in the Honour School of History in consultation as they shall think fit with the Public Examiners in the other schools referred to in this clause.
4. Each prize shall be of such equal value as the Boards of the Faculties of Classics and of History shall in consultation from time to time determine.
5. Neither prize shall be awarded twice to the same person and only one of the prizes may be awarded in respect of any one essay.
6. The judges shall have power
(a) to award the prizes;
(b) to divide a prize between two candidates whose essays are of equal merit;
(c) to make awards of lesser value than the prizes to unsuccessful candidates whose essays have shown special excellence.
7. The judges shall be allowed, subject to the approval of the Vice-Chancellor and Proctors, to appoint one or more assessors.
8. Any surplus income of the fund shall be divided into two sub-accounts to be designated the ancient history account and the modern history account respectively, as follows:
(a) whenever either prize is not awarded, the value, less the value of any lesser award made under cl. 6 (c) above, shall be credited in full to the respective sub-account;
(b) any other surplus income, including any standing to the credit of the fund on the day from which this decree shall be effective, shall be credited in the proportion one part to the ancient history account and nine parts to the modern history account.
9. Moneys standing in the sub-accounts shall be applied by the respective faculty board, either directly or by delegation at its sole discretion, to the following purposes:
(a) for the payment of lesser awards made by the judges under cl. 6 (c) above when the prize itself is awarded;
(b) to pay such fees to the judges of the Ancient History Prize and to any assessors they may appoint as the Board of the Faculty of Classics shall determine;
(c) on the recommendation of the judges to contribute to the cost of printing the whole or parts of any prize-winning essay;
(d) to encourage in any other way as the respective faculty board may see fit the study of ancient and modern history by members of the University. 10. Council shall have power at any time to alter this decree, but only in such ways as shall appear calculated to promote the object of the institution, namely, the encouragement of the study of history ancient and modern.