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Legislation of the Anglican Church in Victoria

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CLERGY, WIDOW AND ORPHANS FUND ACT 1988 (BALLARAT DIOCESE)

No. 15
CLERGY WIDOW AND ORPHANS FUND ACT 1988

MANAGEMENT AND ADMINISTRATION OF THE FUND

1. “The Clergy Widow and Orphans’ Fund” shall consist of all monies and investments standing to the credit thereof at the date of the coming into operation of this Act and all monies due thereto which shall be thereafter paid to the credit of the Fund and of the interest income and profit arising from or out of the said Fund or the investment thereof and also of all donations bequests and monies paid to the credit of the Fund for the purposes thereof£

2. The Fund shall thereafter be maintained and may be added to as an Endowment Fund but shall not be administered as a fund of or in which clergymen may become members or acquire individual rights and the Board of Directors of the Fund shall not agree or be competent to receive from any clergyman any subscription to the Fund for the purpose of securing to him or his widow or children any individual right to benefit from the Fund.

3. The purposes of the Fund shall be to afford aid to disabled Clergymen and to the Widows and Orphans of Clergymen to whom aid could have been afforded from “The Clergy Widow and Orphans’ Fund” established by resolutions passed by the Church Synod of the Diocese of Melbourne on February 9th, 1866.

4. The Fund shall be under the control and management of the Synods of the Dioceses of Melbourne and Ballarat and such control and management shall be exercised by a Board of Directors consisting of the Archbishop of the Diocese of Melbourne or the Administrator of the affairs of such Diocese who shall be Chairman two clergymen and three laymen to be appointed by the Synod of the Diocese of Melbourne by ballot and two persons to be appointed by the Diocese of Ballarat in such manner as the Bishop of Ballarat in Council shall from time to time determine. The first Board of Directors shall consist of the persons holding office as members thereof at the date of the coming into operation of this Act.

5. One of the Clergymen and one of the Laymen appointed by the Synod of the Diocese of Melbourne shall retire by rotation on the first day of each Session of Synod but shall be eligible for re-election. The Board shall itself determine which of the members so appointed shall retire on the first day of the first and second ordinary Sessions of the Synod after to coming into operation of this Act and thereafter in each year the Clergyman and Layman who have been respectively longest in office shall retire. Each of the persons appointed by the Diocese of Ballarat shall be subject as to his tenure of office to any rules relating thereto which shall from time to time be made by the Bishop of Ballarat in Council.

6. Any casual vacancy shall if arising through the death resignation or disability of any member of the Board appointed by the Synod of the Diocese of Melbourne be filled by the Board and shall if arising through the death resignation or disability of any member of the Board appointed by the Diocese of Ballarat be filled by the Bishop of Ballarat in Council but the person or persons appointed to fill any casual vacancy shall hold office so long only as the vacating member in whose place he has been appointed would have held office.

7. The Board may make rules not inconsistent with this Act as to Meetings and as to quorum and procedure thereat and generally as to the management of the affairs of the Fund.

8. The property monies and securities of the Fund are now vested in the Church of England Trusts Corporation for the Diocese of Melbourne and the said Corporation shall remain and is hereby appointed as the Trustee of the Fund and the said property monies and securities and all future additions thereto shall be acquired and shall remain in the name of the said Corporation.

9. The purposes of the Fund shall be carried into effect by the Board in accordance with the following provisions:

(a) The monies and investments standing to the credit of the Fund at the date of the coming into operation of this Act together with all sums at that date accrued due to the Fund in respect of the said monies and investments and together with all donations bequests and monies other than monies received by way of income thereafter paid to the credit of the Fund shall constitute the Capital of the said Fund and the said capital shall be held as an endowment fund and no part thereof shall without the sanction of the Synods of the Diocese of Melbourne and the Diocese of Ballarat be distributed or paid out for the purposes of the Fund save for the purpose of investment.

(b) The Board shall pay out of the income arising from the Capital of the Fund the expenses of management control and investment thereof and the balance of the said income (hereinafter referred to as the income) shall be available to give effect to the purposes of the Fund.

(c) The income shall be distributed at intervals by the Board and so that from the income for any period in respect of which a distribution is made one-third thereof shall be made available for the purposes of the said Fund within the Diocese of Ballarat and any other Diocese or Dioceses heretofore or hereafter to be created out of the Diocese of Ballarat but so that nevertheless not more than one-ninth thereof shall be made available for the purposes of the Fund within the Diocese of St. Arnaud and any other Diocese or Dioceses hereafter to be created out of the Diocese of St. Arnaud.

(d) For the purpose of distributing the income of the Fund as aforesaid

the Board may (subject to the receding Sub-Clause) pay to a Diocese any part of such income upon being satisfied by such evidence as the Board shall require that the share of income so received will be paid by the Diocese to a fund within the Diocese whose purposes are within the Trusts upon which the Fund is held and that the said share of income will be used for those purposes.

(e) For the purposes of distributing the income as aforesaid the Board may as an alternative to the method provided by paragraph (d) give notice to a Diocese of the amount of the income for any period to be dealt with by that Diocese of a Memorandum setting forth particulars of the allocation by it of that income within the Trusts upon which the fund is held may make payments in fulfilment of that allocation.

(f) Notwithstanding anything contained in this Act so long as the clergyman now entitled to a life annuity from the said Fund is living the amount of the said annuity shall be the first charge on the income of the Fund and the balance only of the said income shall be distributed as herein before provided.

10. The Auditors of the Diocese of Melbourne from time to time shall be auditors of the Fund and the Board shall cause a Statement of Income and Expenditure together with a Balance Sheet showing the Assets and Liabilities to be made, and audited at the close of each financial year and furnish copies to each member of the Board of Directors and to the Registrars of the Dioceses of Melbourne and Ballarat.

11. The Trustee by the direction of the Board of Directors of the Clergy Widow and Orphans’ Fund shall in the name of the said Fund have power to make investments in Real Estate First mortgages on Real Property Loans Bonds Debentures and Treasury Bills guaranteed by the Commonwealth of Australia Stocks Funds or Securities of any government authority within the State of Victoria and in such other property and securities as shall be lawful for investment by the Church of England Trusts Corporation for the Diocese of Melbourne the Trustee by the like direction of the Board of Directors shall have power to vary or realise investments from time to time.

12. The Board or any of its members or the Trustees shall not be answerable the one for the other of them nor for the insufficiency of any security which they may acquire under the Trusts or Powers of this Act nor for any involuntary loss and they may reimburse themselves out of the Trust premises all necessary costs and expenses incurred in or about the execution of the Trusts under this Act.

13. This Act shall come into operation as soon as an Act similar to this Act shall have been passed by the Archbishop the Clergy and the Laity of the said Church within the Diocese of Melbourne in Victoria duly met in Synod according to law.


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