1. The fund shall be invested by the University and the income arising from it shall be devoted to the maintenance of a prize to be called the ‘Donald Tovey Memorial Prize’.
2. The prize shall be open to men or women without regard to nationality, age, or membership of any University.
3. The prize shall be awarded from time to time for original research in music in order to help the holder either to undertake such research or to publish work already done. The subject of research shall be in the field of the philosophy, history, or understanding of music.
4. The management of the prize shall be entrusted to the Board of the Faculty of Music, which shall determine, on each occasion, the amount of the prize to be awarded.
5. Any income not expended when a prize is awarded may, at the discretion of the Board of the Faculty of Music, be either accumulated to increase the sum available from time to time for prizes, or added to the capital of the fund.
6. Council shall have power to alter this decree from time to time; provided always that
(a) the name of the prize shall be retained;
(b) the prize shall be open to non-members of the University;
(c) the conditions of research as set out in clause 3 above shall not be altered.