1. The prize shall be called the Beit Prize, and shall be for an essay on some subject connected with the advantages of ‘Imperial Citizenship’, or on some subject connected with Colonial History. It shall be open to members of the University who, on the closing date for entries for the prize, are either student members or have been ordinary or Convocation members for not more than twelve months before that date, and who have not previously been awarded either the Beit Prize or the Robert Herbert Memorial Prize.
2. The trustees of the prize shall be the Board of Management of the Beit Fund. It shall be the duty of the trustees to determine the subject of the essays, to give notice thereof in the usual manner, and to appoint judges.
3. The value of the prize, and the annual sum for the payment of the judges, shall be as determined by the trustees from time to time.
4. If in any year the prize be not awarded, the money thus rendered available shall be returned to the Beit Fund.
5. This decree may be altered from time to time by Council with the consent of the trustees, provided that the main object of the prize shall always be kept in view, namely, the promotion of the study of Colonial History in the University of Oxford.