1. The prize shall be administered by the Trustees of the Rhŷs Fund. It shall be awarded by the judges every year to the writer of the best essay or dissertation on some subject relating to Celtic Languages, Literature, History, and Antiquities, if such essay shall be deemed worthy of the prize.
2. The value of the prize shall be determined by the trustees.
3. The prize shall not be awarded twice to the same person.
4. The candidates must be members of the University of Oxford who shall not on the day appointed for sending in the compositions to the Registrar of the University have exceeded eight years from the time of their matriculation.
5. The judges shall be the Regius Professor of History and the Jesus Professor of Celtic; or substitutes appointed by the trustees for either of these professors who may decline to act or during a vacancy in either of the professorships. The trustees shall determine the remuneration to be paid out of the income of the trust fund to the judges on each occasion when they act.
6. Candidates shall, not later than Friday of the fourth week in Michaelmas Full Term, submit the title of their proposed essay, together with a brief statement of how they envisage treating the subject, to the judges for approval. Essays shall be submitted to the Registrar not later than Friday of the eighth week in the following Hilary Full Term.
7. The judges shall have power to recommend to the trustees that presents of books be made to unsuccessful candidates whose essays have shown special excellence.
8. The judges shall be allowed, subject to the approval of the Vice-Chancellor, to appoint one or more assessors. The amount of remuneration to be paid to an assessor shall in each case be determined by the Vice-Chancellor after consultation with the trustees.
9. The judges shall have power to recommend to the trustees that a contribution be made out of the Rhŷs Fund towards the expenses of printing the whole or parts of an essay.
10. The judges shall have power to recommend to the trustees that a grant be made from the Rhŷs Fund to enable the successful candidate or candidates to carry on the work which has been the subject of the essay. 11. Council shall have the power to alter this decree at any time on the recommendation of the trustees.