Short answers, pulled from the story.
Alfred Nobel signed his final will and testament on the 27th of November 1895 at the Swedish-Norwegian Club in Paris. This document bequeathed 31 million Swedish kronor to establish five prizes for those conferring the greatest benefit on mankind.
The Royal Swedish Academy of Sciences was designated to award the Prize in Physics according to these instructions. The executors of this will were Ragnar Sohlman and Rudolf Lilljequist, who formed the Nobel Foundation to manage the fortune.
In practice, this creates a typical lag of about twenty years between discovery and award because rules require that the significance of achievements be tested by time before recognition occurs. Subrahmanyan Chandrasekhar received half of the 1983 prize for work on stellar structure done during the 1930s.
This phrase comes from line 663 of book 6 of the Aeneid by Virgil. The inscription reads Inventas vitam iuvat excoluisse per artes meaning it is beneficial to have improved human life through discovered arts.
Formal ceremonies take place annually at Stockholm Concert Hall on the 10th of December. This date marks the anniversary of Nobel's death and laureates receive their diploma directly from the hands of the King of Sweden during this event.