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THE BISHOPRIC ENDOWMENT FUND AND SUPERANNUATION ACT 1988 (BALLARAT DIOCESE)

No. 4
THE BISHOPRIC ENDOWMENT FUND
AND SUPERANNUATION ACT 1988

PART A
THE FUND

1. The Fund called the Bishopric Endowment Fund with all contributions thereto which have been or shall hereafter be made shall be vested in the Corporation styled the “Ballarat Diocesan Trustees” and managed by the Bishop-in-Council.

2. The said Endowment Fund and all contributions thereto shall be invested by the said Corporation at the request of the Bishop-in-Council according to the provisions of the Ballarat Diocesan Trustees and Powers of Investment Act 1988.

3. The income of the said Fund shall after payment thereout of all expenses or charges incurred in the management thereof be paid to the Bishop for the time being of the See of Ballarat for his own use and benefit as a stipend such stipend shall be determined by Bishop-in-Council from time to time. Provided always that during any vacancy of the See the income of the Fund which would otherwise be payable to the Bishop shall accrue to the capital of the Fund.

4. A statement of accounts showing the exact position of the said Fund certified by the Diocesan Auditor shall be presented at each session of the Synod for its information.

PART B
SUPERANNUATION

5. The Bishop on his installation shall remain or if not so already assured become a member and continue to be a member of some provident fund or superannuation fund or assurance scheme with some assurance company or companies and the total of the subscriptions to such funds and premiums to such companies shall not be less than ten percentum per annum of the Bishop’s stipend as fixed from time to time to which the Bishop-in-Council shall contribute from funds administered by it an amount equal to five percentum per annum of such stipend.

6. The Bishop-in-Council shall determine the conditions of the Bishop’s membership with such funds and assurance companies and such conditions shall provide inter alla that the benefits from such funds and assurance policies shall not be assigned save to The Ballarat Diocesan Trustees to the intent that the Bishop shall be entitled to the full proceeds or value available at the date of his vacating the See.

7. The provisions of this Act shall not limit the provisions of the Superannuation Act 1988.