AN ACT to repeal the Act No. 8 of 1887 and to substitute another enactment.

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2 CONSOLIDATED ACTS OF THE SYNOD OF THE ANGLICAN DIOCESE OF MELBOURNE The Church Funds Act CONSOLIDATED ACTS OF THE SYNOD OF THE ANGLICAN DIOCESE OF MELBOURNE The Church Funds Act No. 9 of 1878 Serial No. 20 Reprinted as at 1 August 2007 incorporating amendments up to No. 4/1988 No. 9 of 1878 Serial No. 20 Reprinted as at 1 August 2007 incorporating amendments up to No. 4/ THE CHURCH FUNDS ACT 1878 TABLE OF PROVISIONS Section 1. Repeal of Act No. 8 of Formation of Consolidated Fund 3. Special Trusts 4. Income of Consolidated Fund 5. Appropriation of Bishop of Melbourne's Fund 6. Funds to be managed by Archbishop in Council 6A. Authorised investments 7. Bishop to arrange for collections for Fund 8. Statement of income and expenditure to be submitted to Synod 9. Election of Auditors 10. Audit 10A. Reliance on report of another auditor 11. Consent of Archbishop in Council to sell etc 12. Title NOTES AN ACT to repeal the Act No. 8 of 1887 and to substitute another enactment. Repeal of Act No. 8 of The Act of this Synod No. 8 of 1877 shall be repealed except as to every operation already effected by or act done under the said enactment or as to any right title obligation or liability already acquired or accrued thereunder. Foundation of Consolidated Fund 2. Except as hereinafter provided all the capitalised funds of the Church and money arising from Church lands and endowments applicable to the purpose shall be paid into and shall form one Fund which shall be called The Consolidated Fund. Special Trusts s. 3 inserted by No. 3/ All property subject to any special trust and vested in the Church of England Trusts Corporation for the Diocese of Melbourne shall be held managed and dealt with by the said Corporation in conformity

3 NOTES 1 The Church Funds Act 1878 was assented to on 30 September 1878 and came into operation on that date. 2 This reprint incorporates the amendments made to the The Church Funds Act 1878 by Acts Nos. 1/1894, 1/1901, 3/1901, 3/1910, 1/1920, 2/1920, 3/1939, 1/1944, 4/1947, 2/1948, 2/1954, 2/1955, 9/1956, 6/1958 and the following Acts: Name No. Date of assent Date of commencement The Church Funds Act Amendment Act / November November 1963 Diocesan Audit Act / November November 1974 Church Funds (Amendment) Act / October October 1980 The Church Funds (Amendment) Act / October October

4 with the said special trusts and so far as consistent therewith in such a manner as may be determined from time to time by the Archbishop in Council. Income of Consolidated Fund s. 4 substituted by No. 2/ (1) The income of the Consolidated Fund in any year shall be primarily chargeable with the following payments:- FIRSTLY the payment of the sum (if any) by which the amounts payable in that year to meet the purposes set forth in Section 4 (1) of the Bishopric Endowment Fund Act shall exceed the amount available to meet those purposes under and by virtue of such last mentioned Act. SECONDLY the payment of stipends or allowances as the case may be of the Archdeacons of the Diocese and of the Chaplains of Public Institutions. THIRDLY the payment of any superannuation or other allowance payable under the Archbishops Superannuation Act not otherwise provided for. FOURTHLY the payment of any deficiency requiring to be made up under the provisions of the Second Schedule of the New Dioceses Act 1901 and FIFTHLY such other payments for the general purposes of the Diocese as may from time to time be determined by Archbishop-in-Council. (2) Any appropriations made out of the said income may be made in the year of income or in the next following year but in respect only of expenditure for either of those years and any income remaining unappropriated shall forthwith be paid into the 2 The Church Funds Act 1878 Bishop of Melbourne s Fund hereinafter mentioned and treated as part of the income of that Fund. Appropriation of the Bishop of Melbourne s Fund s. 5 inserted by No. 3/1910 and amended by Nos. 1/1944 and 2/ For the maintenance and extension of the Church in the Diocese there shall be a fund called the Bishop of Melbourne s Fund and the income thereof shall be appropriated by the Archbishop-in-Council to the augmentation of the stipends of Clergymen and Readers Deaconesses and Stipendiary Lay Workers and the Diocesan proportion of the subscription of any of them to any Provident Fund the payment of any moneys due to the Diocese of Bendigo Wangaratta and Gippsland under the New Dioceses Act 1901 the purchase of sites for Churches Schools and Parsonages and in aid of the erection of Churches Schools and Parsonages the payment of expenses attending the collection and administration of the Fund and such other purposes in and for the maintenance and extension of the Church as the Archbishop-in-Council shall from time to time determine. Funds to be managed by Archbishop-in-Council s. 6 inserted by No. 3/1910 and amended by Nos. 2/1948, 9/1956, 1/1963, 8/1980 and 4/ (1) The aforesaid funds shall be managed and invested by the Archbishop-in-Council and may except and so far as they are restricted by any special trust be treated for the purpose of investment as one Fund. (2) It shall be lawful for the Archbishop-in-Council (hereinafter called the Council and the Church of England Trusts Corporation for the Diocese of Melbourne (hereinafter called the Corporation ) subject to the consent and approval of any other body council Committee or person whose consent 3

5 provided by an Act of this Synod every other fund under the direct or indirect control of the Synod or the Archbishop-in- Council shall be audited by a Diocesan Auditor or such other auditor or auditors as shall be approved by the Archbishopin-Council. Reliance on report of another auditor s. 10A inserted by No. 5/ A. The Archbishop-in-Council may authorise or direct a Diocesan Auditor or other auditors approved under this Act to rely upon a report or certificate of a Diocesan Auditor or auditor approved under the Act other than himself. Consent of Archbishop-in-Council to sell, etc. s. 11 inserted by No. 2/1920 and amended by No. 2/ Notwithstanding anything contained in any Act of Synod it shall not be lawful for any Council Committee Board of Management or other governing body of any Institution organisation society or association or any corporate body set up established or constituted under any Act of Synod or under the control of Synod or of the Archbishop-in-Council to sell purchase take on lease let on lease mortgage or charge any land without the consent of the Archbishop-in-Council. Title of Act 12. This Act may be cited as The Church Funds Act The Church Funds Act 1878 consent of the Archbishop-in-Council and upon such terms as the Archbishop-in-Council shall prescribe. Bishop to arrange for collections for Fund s. 7 substituted by No. 3/ The Archbishop may from time to time appoint during his pleasure at such salary as the Archbishop-in-Council thinks fit some member or members of the Church who shall under the direction of the Archbishop-in-Council arrange for the collection of contributions to the Bishop of Melbourne s Fund from the members of the Church throughout the Diocese. Statement of Income and Expenditure to be submitted to Synod s. 8 substituted by No. 3/ A statement of the proposed appropriations of the income of the consolidated fund and the Bishop of Melbourne s Fund and of income and expenditure on account of all Diocesan funds vested in the Church of England Trusts Corporation for the Diocese of Melbourne and of moneys arising out of Church lands the disposition of which requires the consent of the Archbishop or Archbishop-in-Council as the case may be during the preceding financial year together with a balance sheet showing the assets and liabilities of such funds shall be laid before the Synod at each annual session. Election of Auditors s. 9 inserted by No. 3/1910 and amended by No. 5/ The Archbishop-in-Council shall appoint annually one or more qualified persons to be Diocesan Auditors and shall determine their remuneration. Audit s. 10 inserted by No. 3/1910, amended by No. 4/1947 and substituted by No. 5/ The Consolidated Fund and the Bishop of Melbourne s Fund shall each be audited by a Diocesan Auditor. Save as 7

6 and approval is requisite for such investment to invest and re-invest from time to time any money (not being money held on trust and required by law or the terms of the trust to be invested in some other manner or in the manner provided by The Trustee Act 1953 or any amendment thereof) in the manner following: (a) (b) In the manner provided by the Trustee Act 1953 or any other act of the Parliament authorising a method of investment of trust moneys. In or upon the fully paid preference or ordinary stock shares or debentures debenture stock or securities listed on the Stock Exchange of Melbourne and carried on the Victorian Register or the Canberra Register of any company or corporation incorporated in Australia and having paid up capital of not less than 200,000 and having during each of the five years past or shorter period of its existence before the date of the investment paid a dividend on its ordinary stock or shares at the rate of not less than five pounds per centum or debentures or debenture stock of such a company the ordinary stock or shares of which are so listed or are wholly owned by a corporation or corporations incorporated in Australia and lawfully carrying on banking business in Australia provided that such investment in the opinion of an independent Consultant should provide reasonable safety for the capital and a reasonable income return 4 (c) (d) (e) (f) The Church Funds Act 1878 having regard to the total amount of the Fund and the probable duration of the Fund and that:- (i) (ii) not less than 50 per centum of the Fund is invested or is to be invested in authorised investments other than investments authorised by this subparagraph. not more than 10 per centum of the Fund is invested or is to be invested in the securities of any one company. In this sub-section Independent Consultant means a member of the Stock Exchange of Melbourne and not being interested as director of or vendor or underwriter of shares in any company in or upon the securities of which it is proposed to invest. On deposit at interest either for a fixed term not exceeding seven years or at call with any company or corporation in the ordinary stock or shares of which at the time of investment it would have been proper to invest the sum proposed or deposited. On fixed deposit for a term not exceeding seven years or at call in any Bank carrying on business in the City of Melbourne. In the purchase of land in fee simple in the State of Victoria. In any other manner approved for the time being by the Archbishop-in-Council either generally or in relation to funds of a particular class. (3) Any of the said land and any investment securities 5

7 may be sold with the like authority consent or approval if requisite. (4) The directions for management and investment of the said funds contained in Section 5 of the Church Funds Act 1910 shall be deemed to have been enacted by that Act in the form of Sub-Sections 1, 2 and 3 of this Section. Authorised investments s. 6A inserted by No. 6/1958 6A. The modes of investment set forth in and authorised by the last preceding Section shall subject to all the conditions set forth in the said Section extend to and be authorised for the investment of all moneys vested in or held by (a) The Church of England Trusts Corporation for the Diocese of Melbourne for any purpose respecting the affairs of the Church of England (b) The Council of Geelong Church of England Grammar School Melbourne for the purposes of the School (c) The Council of the Church of England Girls Grammar School Melbourne for the purposes of the School including the Staff Superannuation Fund of (d) the School Any other persons or body within the Diocese of Melbourne for any purpose respecting the affairs of the Church of England and the power to make any investment of moneys so authorised shall belong to and be exercised by the persons or body in or by whom the moneys are vested or held save that in the case of any persons or body referred to in subparagraph (d) any investment [other than an investment in the manner referred to in sub-paragraph (a) of Sub-Section (2) of the last preceding Section] shall be made only with the 6