14.1. The annual net income of the benefaction given in 1825 by The Revd Edward Ellerton, DD, Fellow of Magdalen College, for the encouragement of theological learning in the University by the establishment of an annual prize for an English Essay shall continue to form the endowment fund for the Ellerton Theological Essay Prize.
14.2. The prize shall be of a value determined by the board of management and shall be offered annually for the best English Essay on some doctrine or duty of the Christian religion or on any other subject of theology which shall be deemed meet and useful.
14.3. The prize shall be open to all members of the University who, on the day fixed for the submission of essays, have not exceeded thirty terms from their matriculation, except that any candidate holding a degree of another university at the time of his or her matriculation shall not have exceeded twenty-one terms from his or her matriculation.
14.4. No one to whom the prize has been awarded shall again offer himself or herself as a candidate.
14.5. (1) The Board of the Faculty of Theology and Religion shall be the board of management of the prize.
(2) The board shall appoint annually not more than three judges who shall be paid such fee as the board shall provide, and who shall award the prize.
14.6. A difference of opinion among the judges shall be decided by a majority.
14.7. (1) Not later than the end of the fourth week in Michaelmas Full Term candidates shall submit titles for approval by the judges, and the essays shall be sent in on or before the first day of the Trinity Term next ensuing.
(2) The length of an essay shall not exceed 10,000 words.
14.8. Congregation may from time to time amend this Part so long as the main object of the benefaction, as defined in section 14.1 above, is always kept in view.