12.1. The Egerton Coghill Benefaction shall be used for the establishment of a landscape painting prize for members of the University reading for any degree, diploma, or certificate of the University.
12.2. The prize shall be called 'The Egerton Coghill Landscape Prize' in memory of the donor's father.
12.3. The prize shall be competed for annually by members of the University who are reading for any degree, diploma, or certificate of the University.
12.4. (1) Only small landscape paintings painted during the preceding twelve months shall be admissible as entries.
(2) No competitor shall submit more than one entry for any one competition.
(3) The winner of the prize in any one year shall not be eligible to compete in any subsequent year.
12.5. The competition shall be announced in the University Gazette, and shall be judged by the Ruskin Master of Drawing (or a deputy appointed by the Master) and the Keeper of the Department of Western Art (or a deputy appointed by the Keeper).
12.6. (1) The net annual income from the prize fund shall be divided as to one-fifth for each of the judges for the year in question as their fees for judging the competition and as to three-fifths for the winner.
(2) If, however, in any year in the opinion of the judges no competitor submits an entry of sufficient quality to win the competition they shall declare that no competitor has won the competition, and the three-fifths share of the income which would have been paid to a winner in that year shall be subject to the provisions of section 20 of Statute XVI.
(3) If in any year there are no entries for the prize, the whole of the income for that year shall be subject to the provisions of section 20 of Statute XVI.
12.7. The winning entry shall be displayed in some prominent position during Commemoration Week or any other suitable occasion.
12.8. Congregation may from time to time amend this Part so long as the main object of the benefaction, as defined in section 12.1 above, is always kept in view.