1. The fund shall be invested by the University and the income arising from it shall be devoted to the maintenance of a prize to be called the ‘Laurence Binyon Prize’.
2. The prize shall be open to all members of the University, whether men or women, who shall not have exceeded twenty-one terms from their matriculation, and shall be awarded, after consideration of the qualifications of the candidates and of testimonials submitted by them, to enable the prize-winner to travel abroad to extend his or her knowledge and appreciation of the visual arts. Each candidate shall be required to submit a statement of his or her proposed course of travel.
3. If a candidate of sufficient merit present himself or herself, the prize shall be awarded when the income from the fund is sufficient to permit of the purpose for which the prize is awarded being carried out; and if no candidate present himself or herself on that occasion, the prize shall be offered in the following year.
4. The management of the prize shall be entrusted to the Committee for the History of Art which shall determine on each occasion the amount of the prize to be awarded.
5. Any income not expended when a prize is awarded may, at the discretion of the Committee for the History of Art, be either accumulated to increase the sum available from time to time for prizes, or added to the capital of the fund.