1. The Derby Scholarships shall be open to all members of the University of Oxford who have not exceeded the twenty-first term from their matriculation. They shall be tenable for two years. The value of the scholarships shall be determined by the Board of the Faculty of Classics. In any particular case the trustees of the Derby Scholarship Fund, after consideration of a report from the Craven Committee for the time being, may also agree to refund expenses incurred, in their opinion, in the reasonable discharge of the obligations imposed on him or her by clause 3 below, in so far as such expenses cannot be met from another source.
2. One or more scholars shall be elected annually without examination, provided that candidates of sufficient merit present themselves, by the trustees of the Derby Scholarship Fund after consideration of a report from the Craven Committee for the time being, provided that an interval of not less than two complete terms shall elapse between any such election and the next. The Craven Committee shall issue notices respecting the Derby Scholarships in the same manner as the usual notices respecting the Craven Fellowships, and candidates shall send in their names and testimonials and other papers to the Craven Committee in accordance therewith.
3. A Derby Scholar shall be required to undertake a course of research or higher study in some subject connected with classical antiquity, which he or she must submit to the Craven Committee when offering himself or herself as a candidate, and which must be approved by that committee; he or she shall be required also to spend at least six months out of the twentysix months immediately following his or her election in residence abroad, for the purpose of such approved course of research or higher study, at a place or places sanctioned by that committee, unless the committee think fit to grant the candidate total or partial dispensation from the requirement of residence abroad. He or she shall further satisfy the committee of diligence in the prosecution of his or her studies, and emoluments shall be paid to him or her at their discretion and in such instalments as they think fit.
4. In the election of Derby Scholars, preference shall be given to a candidate who offers a subject connected with the languages and literatures of ancient Greece and Rome (including palaeography and comparative philology) or with one of these, provided he or she be of sufficient merit.
5. Any surplus of the annual income of the fund which may remain over after the scholars have been paid and the necessary expenses of the trust have been defrayed shall remain at the disposal of the trustees, who may, provided a report of all grants made is published in the University Gazette, make grants out of it for any purpose connected with the advancement of classical learning. Without prejudice to the powers conferred upon the trustees by this clause, applications for such grants may be made through the Craven Committee, who shall report the same to the trustees together with their observations thereon.
6. The said trustees shall be
(1) the Lord Lieutenant of Lancashire;
(2) the Earl of Derby;
(3) the Chancellor;
(4) the Vice-Chancellor;
(5) the Dean of Christ Church.