1. The prize established to commemorate the valuable contribution made by Sir Frances and Lady Wylie to the success of the Rhodes Scholarships in Oxford shall be known as the Wylie Prize.
2. The prize shall be offered annually for an essay on a subject (to be chosen by the competitor himself or herself with the approval of the Board of the Faculty of History) connected with some aspect of the history of the United States of America.
3. Any member of the University may compete who has not completed, on the first day of the Trinity Full Term, the twelfth term from his or her matriculation.
4. The prize shall be of such value as may be determined from time to time by the Board of the Faculty of History. The examiners shall be paid such reasonable honoraria as the Board of the Faculty of History shall determine.
5. The income of the fund, in so far as it is not required for the payment of the prize and the payment of honoraria to the examiners, shall be made over to the History Faculty Library for the purchase of books.
6. The Board of the Faculty of History shall make regulations for the award of the Prize consistent with this decree, and the decree may at any time be altered by Council with the consent of the Rhodes Trustees provided always that the main purpose of the trustees as set out in clauses 1 and 2 above is observed.