STATUTE NO 13
TO PROVIDE FOR THE ADMINISTRATION OF
THE NEW CENTURY FUND
ANALYSIS
1.
2.
3.
4.
5.
Short Title.
Capital.
Investment of Capital.
Income.
Administration.
6.
7.
8,9.
10.
Loans, Conditions
Grants out of Income.
Income Reserve Account.
Transfer to Capital.
WHEREAS an Appeal was made to the Diocese in 1950 for $60,000 to strengthen
the central funds of the Diocese and
WHEREAS it was stated that the objects of the Appeal were generally for Church
Extension purposes and more particularly
(a)
to acquire sites in new housing estates and erect Church buildings
thereon,
(b)
to provide grants to help meet the stipends of the Clergy needed in
these areas and in places where districts need to be subdivided,
(c)
to relieve Vestries of part of the contributions they make at the
present time to Diocesan Funds, and
(d)
to assist financially those who are training for the sacred ministry,
and
WHERERAS two-thirds of the amount asked for in the Appeal has now been
subscribed, and
WHEREAS it is considered advisable to keep the Fund as a separate Diocesan
Fund, and
WHEREAS it has become necessary that regulations be made for administering
the Fund so that it may be used to the best advantage for carrying out the objects
for which it was raised BE IT ENACTED by the Bishop, Clergy and Laity of the Diocese of Dunedin in
Synod assembled as follows:-
Statute 13/Page 1
1.
This Statute may be cited as "The New Century Fund Statute, 1951".
2.
There shall be a Fund entitled the New Century Fund the capital of which
shall consist of:
3.
(a)
All funds not specifically earmarked for any other Diocesan fund
subscribed to the New Century Appeal as at 31st August, 1951.
(b)
The sum of $755.42 surplus income accrued to the Fund as at 31st
August, 1951.
(c)
Any further subscriptions or benefactions to the Fund not specifically
designated for income.
(d)
Any further surplus income which the Standing Committee may from
time to time direct to be transferred to the Capital.
The Capital of the Fund shall be entrusted to the Dunedin Diocesan Trust
Board, and so much thereof as is not required for advances for capital
purposes to further the objects for which the Fund was raised shall be
invested.
PROVIDED THAT at least the sum of $30,000 shall be so held and invested
by the Board.
4.
The income of the Fund shall consist of:(a)
Revenue from Capital held and invested by the Dunedin Diocesan
Trust Board and from any loan made by the Committee administering
the Fund.
(b)
Subscriptions and Benefactions designated for income.
5.
The Fund shall be administered by the Standing Committee.
6.
From the Fund loans free of interest or otherwise may be made upon the
following conditions:(a)
That free-of-interest loans shall be made only to Parishes or Districts
which are faced with special Church extension in their areas.
(b)
That except under very exceptional circumstances no free-of-interest
loan shall be given to replace, repair or enlarge existing church
buildings.
(c)
That loans for purchasing sites and erecting church buildings thereon
or on land already acquired shall not be made in excess of 60% of
the cost.
Statute 13/Page 2
7.
(d)
That repayment of loans shall be by instalments extending over a
period of not more than ten years on terms fixed by the Committee,
such annual payments to be a charge on the revenue of the Parish or
District receiving loan.
(e)
That all rates and charges and cost of maintenance of land
purchased or buildings erected with the assistance of the Fund shall
be paid by the Parish or District concerned.
(f)
That all land and buildings acquired by assistance from the Fund
shall be vested in the Dunedin Diocesan Trust Board when free of
liability.
Out of the income of the Fund, after defraying expenses of collection and
management, the Standing Committee may make grants for the following
purposes:(a)
To help meet the stipend or salary of Clergy or licensed lay workers
working in new housing areas or where districts need to be
subdivided, such grants to be reviewed annually by the Standing
Committee.
(b)
To help meet the instalments or interest on any loan made by the
Standing Committee.
(c)
To assist financially the training of candidates for the sacred ministry
who have been accepted for work in this Diocese.
(d)
To assist in financing the Administration and Home Mission
expenses of the Diocese.
8.
At the end of each financial year, of any Income not disbursed during the
year, one-half shall be carried forward and one-half shall be paid into an
Income Reserve Account.
9.
So far as may be possible the Income Reserve Account shall be increased
to a substantial amount not exceeding $1,000 in order that when special
occasion requires, grants more substantial than possible from the Annual
Income may be made.
10.
The Standing Committee may transfer a portion of the surplus income in
any year to the Capital of the Fund. All such transfers of income shall be
available to the Committee to use as loans free of interest or otherwise.
Amendments to this Statute were made in 1987
Statute 13/Page 3
Statute 13/Page 4