1. The Rolleston Memorial Fund shall be expended in the institution of a prize to be awarded every year.
2. The prize shall be given for original research in any subject comprised under the following heads, Animal and Vegetable Morphology, Physiology and Pathology, and Anthropology, to be selected by the candidates themselves.
3. The period during which this prize may be obtained by a candidate shall be limited to ten years after the date of matriculation; and with a view to rendering the prize as widely associated with Professor Rolleston’s name as possible, it shall be open to the members of the Universities of Oxford and Cambridge.
4. If no memoir be considered of sufficient merit, the value of the prize for that year shall be carried forward for expenditure in subsequent years.
5. The prize shall be called ‘The Rolleston Memorial Prize’, and shall consist of so much of the annual income of the fund as shall remain after payment of all expenses incidental to the trust.
6. The trustees of the prize shall be:
(1) the Vice-Chancellor;
(2) the Regius Professor of Medicine;
(3) the Linacre Professor of Zoology;
(4) the Waynflete Professor of Physiology;
(5) the Sherardian Professor of Botany.
They shall fix and give due notice of the time for sending in the competing memoirs to the Registrar and shall appoint judges, who may be either trustees or members of one of the two Universities of Oxford and Cambridge not below the Degree of MA or BM
7. The trustees shall have power to make regulations or by-laws for the purpose of carrying this decree into effect; and Council shall always be at liberty to alter the decree, provided that the main object of the prize, namely, the encouragement of original research in the above-mentioned subjects, be kept in view.
8. No one shall be eligible who has not either passed the examinations for the BA Degree or the BM Degree at Oxford, or for the BA Degree or the M.B. Degree at Cambridge, or been admitted as a Student for the Degree of Doctor of Philosophy, or as a Student for the Degree of M.Litt. or M.Sc. at Oxford, or as Graduate Student for the degree of M.Litt. or M.Sc. or M.Phil. or Ph.D. at Cambridge.
9. No candidate shall be eligible who has exceeded a period of six years from attaining one or other of these qualifications, or from his or her attaining the first of such qualifications, if he or she has attained more than one, provided also that no candidate shall be eligible who has exceeded ten years from his or her matriculation.
10. No account shall be taken of any research which has not been prosecuted by the candidate subsequently to his or her matriculation.
11. The prize shall not be awarded twice to the same person.