1. Notwithstanding that a candidate meets the criteria for a grant, a prize is awarded only if, in the opinion of the person or persons responsible for the selection of the grantee, there is a candidate of sufficient merit.
2. Unless a testator or donor of the bequest or donation from which the prize is funded has expressly directed otherwise—
(a) a prize is granted annually;
(b) a prize is not granted to the same person twice; and
(c) where a prize lapses or is not granted for any reason, the unused grant money is returned to the capital sum.
3. A prize lapses if it is not claimed by the grantee within 12 months of the grant being declared.
4. Where two or more candidates tie for a monetary prize the prize is shared.