1. The benefaction from Miss Vivien Leigh deceased, together with subsequent donations raised by appeal or received for the purpose, shall be known as the Vivien Leigh Fund.
2. The University shall retain all of the fund as permanent endowment and shall apply the net income of the Fund for the encouragement of young artists or artists at an early stage in their career and in particular to fund the Vivien Leigh Prize for a work of art by an undergraduate member of the University.
3. The administration of the Fund, and the application of its income, shall be the responsibility of the Visitors of the Ashmolean Museum, who shall delegate responsibility to the Keeper of Western Art acting in consultation with the Director of the Ashmolean Museum.
4. The University shall have the power to pay out of the capital or the income of the Fund all costs of and incidental to the creation of the Fund, and the management and administration of the Fund.
5. The University may exercise any of its corporate powers in the management and administration of the Fund in so far as those powers are not inconsistent with these regulations.
6. These regulations shall be deemed to be Trust Regulations under the provisions of Part D of Statute XVI.
7. Subject to regulation 8, Council may amend, repeal or add to these regulations in accordance with Part D of Statute XVI, but no amendment is valid if it would cause the Fund to:
(1) cease to be exclusively charitable according to the law of England and Wales; or
(2) be outside the objects of the University.
8. Any amendment to regulation 3 is an amendment to the main objects of the Fund for the purposes of Part D of Statute XVI and must be approved both by Congregation of the University and subsequently by His Majesty in Council.
