Whereas, the General Synod has learned with satisfaction that plans are under way for a fitting observance of the 200th Anniversary of the oldest parish church of our Communion in the Overseas Dominions,
And desires to mark the occasion with some suitable plaque or memorial,
Resolved that the matter be referred to the Executive Council for consideration and action. CARRIED in both Houses.
Whereas the Synod of the Diocese of Newfoundland has, by resolution adopted at its biennial session in June 1947, accepted the Declaration of Principles and the Constitution of this General Synod;
And whereas the Synod of the Diocese of Newfoundland has made application for admission in this Synod as a member thereof;
This General Synod of the Church of England in Canada, pursuant to the provisions of Subsection (3) of Section (4) of the said Declaration of Principles, hereby admits the said Diocese as a member of this Synod, to be represented in the Upper House by its Bishop and in the Lower House by clerical and lay members elected by the Synod of the Diocese of Newfoundland as provided by the said Declaration of Principles and Constitution, with all the rights and privileges and subject to all the obligations defined by the said Declaration and Constitution, the civil legislation affecting this Synod and all canons enacted and resolutions passed now in force pursuant to the said Declaration and Constitution.
Pursuant to notice, Mr. J.P. Bell moved, seconded by Canon H.F.D. Woodcock that Parts I and II of Canon IX (Department of Finance) be repealed and the following enacted in its stead:
PART I - BOARD OF FINANCE
(1) The Department of Finance shall be administered under the direction of a Board consisting of:
(a) The Primate
(b) The Prolocutor
(c) The Honorary Treasurer of the General Synod
(d) Six members of the Synod elected by the Synod of whom one shall be a member of the Upper House.
(2) Four members of the Board shall form a quorum.
(3) Any vacancy by reason of death, resignation, or otherwise among the members of the Board from the Upper House shall be filled by the Primate, and among the members of the Lower House shall be filled by the Prolocutor, and all members so appointed shall hold office until the next session of the General Synod.
(1) Subject to the provisions of any legislation affecting the investment of trust funds of the funds held by the Board, and subject to the provisions of Part II, the Board shall have the management and control of the Consolidated Trust Fund and of all property, securities, and moneys, which now are or which may hereafter become vested in, held by, or entrusted to the General Synod for management or investment, and may make such lawful investments of the same in such sums and at such rates of interest and on such terms as the said Board shall in its direction deem advisable, provided that, except those securities set out in sub-section (a) of Section 63 in Chapter 46 of the Act of the Parliament of Canada, 22/23 George V, dealing with Canadian or British insurance companies, or in amendments thereto, no more than $25,000 shall be invested in any one security, and no mortgage loans shall exceed fifty per cent of the appraised value of the property.
(2) The Board shall have power to sell, convey, assign, transfer, or exchange securities from time to time as the Board may deem expedient and to receive the consideration therefor, and accept transfers, and to take such legal or other proceedings as they may deem necessary.
(3) The Board may appoint an advisory investment Committee and any other committees deemed necessary by the Board which may include persons not members of the Board.
It shall be the duty of the Board, and it is hereby authorized and empowered:
(a) To appoint a chairman, secretary, assistant-secretary, assistant-treasurer, comptroller, accountants and such other officers as the Board may deem necessary and to define their duties and remunerations.
(b) To appoint a bank or banks, trust company or trust companies to act as bankers of the Synod.
(c) To make provision for the signature and countersignature of all cheques, orders for money, acceptances, transfers, conveyances, and proxies and documents required for the delivery or receipt of securities as may be necessary.
(d) To take such proceedings as may be necessary to give effect to the provisions of this Canon.
(e) To supervise, coordinate and harmonize the accounting systems of the various departments of the Synod.
(f) To appoint such auditors, being chartered accountants, as it may deem necessary from time to time, and to determine their remuneration.
4. Duties of the Honorary Treasurer
(1) Subject to the provisions of this Canon, the Honorary Treasurer shall, under the supervision of the Board, make and deal with all investments of the funds held in trust by the Synod or its departments.
(2) He shall present statements of account duly audited by the Synod Auditors at each annual session of the Executive Council and at each session of the Synod, and shall discharge such other duties which shall be required of him by the Constitution or any Canons of the Synod, or by the Board.
Separate and detailed account of each and every trust fund, showing the capital of the same, and all interest thereon shall be kept under the direction of the Board.
The Board shall make a report containing a statement of the appropriate accounts, with a certificate of the Auditors of the Synod attached.
(a) To each session of the General Synod and each annual session of the Executive Council.
(b) To the annual meeting of the Board of Management of the Missionary Society of the Church of England in Canada.
(c) To the annual meeting of such other departments, synods, boards, councils, other than the above from which funds for investment have been received.
PART II - CONSOLIDATED TRUST FUND
7. Consolidated Trust Fund
All trust funds, securities and cash on hand or in banks received on capital account vested in or held by the General Synod or by the Missionary Society and all other trust funds received and all accretions thereon, shall be held, managed and invested as one general trust fund in the name of the Consolidated Trust Fund of the Church of England in Canada.
8. Other Investments
The Board may receive for investment, subject to the terms of this Canon any trust or other fund vested in or held by any corporation, department, board, council or committee of the General Synod, or vested in or held by any Provincial or Diocesan Synod in Canada or any committee thereof, to form part of the Consolidated Trust Fund on such terms as the Board shall decide, provided that the acceptance of such funds is not inconsistent with the terms on which said funds are held nor with the laws of the Province applicable to said funds.
9. Custody of Securities
(1) The debentures, bonds, certificates and other securities belonging to the said Consolidated Trust Fund shall be deposited in such chartered banks or bank, trust company or trust companies as the Board shall from time to time arrange, subject to such dual control as the Board may direct.
(2) The Board shall give full directions to the bank or banks, trust company or trust companies, acting as custodians and to the Honorary Treasurer as to the care and custody of all funds and securities.
10. No Variation of Trusts
Nothing herein contained shall authorize the Board to vary or alter the trusts upon which the capital funds or securities are now respectively vested in or held by the Board or entrusted to it.
11. Borrowing Powers
(1) The Board may from time to time borrow by way of a revolving credit of seventy-five thousand dollars ($75,000) from any chartered bank upon the credit of the General Synod of the Board either by way of promissory note, overdraft or otherwise and on such terms as it may deem advisable.
(2) As security for such promissory notes, overdraft or other indebtedness it may assign, hypothecate, mortgage or pledge any of the bonds, debentures or negotiable instruments which it holds being the property of General Synod.
(3) Any notes or documents required by the bank shall be signed by the Primate, or the Chairman, or acting Chairman, and also by the Honorary Treasurer, or any other member of the Board.
12. Default and Depreciation
In the event of any default in payment of the principal of or the interest on any security held, or if, in the opinion of the Board there has been sufficient depreciation in the value of any security, the Board shall have the power from time to time to deduct the amount of such default or depreciation from the total of interest and profits to be distributed for that year or to direct that it be spread over a period not exceeding three years.
13. Distribution of Revenue
The interest deemed to be earned by the securities of the Consolidated Trust Fund, after deducting therefrom the expenses of management, office expense, and the expenses of investment and administration, including clerical assistance, the travelling expenses of members of the Board, any any deductions authorized by Section 12 hereof, shall be distributed at the rate per cent authorized and approved by the Board, pro rata among the corporations, synods, departments, councils, committees, or trusts entitled thereto in proportion to the capital of each trust as determined by the Board.
(1) Subject to the terms of any trust upon which moneys may be held, the Board may make loans from the Consolidated Trust Fund to any corporation, department, board, council, committee or fund of the Synod, or to any Provincial or Diocesan Synod, or committee or part thereof for which the Board may hold funds invested, or which may have an interest in the said Consolidated Trust Fund, on such terms as to collateral security, rates of interest, repayment, and other conditions as may be mutually agreed upon, provided no more than 75% of the capital of any particular trust may be loaned.
(2) Any depositor of a trust fund may request the Board in writing to lodge securities with its bankers to pledge for loans it may require, and if the Board approves, the following conditions will govern.
(a) The Board will withdraw an agreed amount of securities from safekeeping, and the capital of such trust fund shall be reduced by the amount at which said securities stand in the books of the Consolidated Trust Fund, and the trust fund in question shall be entitled to its proportionate share only of the remainder.
(b) An account of the securities loaned to the depositor of the trust fund in question shall be kept, and any loss sustained in respect of any such securities shall be borne by the borrower.
(c) The borrower shall execute any hypothecations or other documents required to obtain the loan, and shall agree punctually to pay the interest and the principal as said become due, and to have the lender send a statement of such loan quarterly to the Board.
(d) No obligation in respect of such loan shall be assumed by the Consolidated Trust Fund, or the Board.
(e) The principal and interest on the said securities must be paid to the Consolidated Trust Fund as received by the lender, and when no longer required as collateral, delivered to it at the same valuation as when received from it.
(f) If any securities are sold by the lender, the capital of the trust fund in question shall be reduced by such an amount as the Board determines.
That the following addition be made to Section 2 "Powers" sub-section (1) "Nor shall any mortgage loan exceed $10,000.00." CARRIED
The motion to adopt the amendment to Canon IX as amended was then put and CARRIED. Message K
That following the approval of this House regarding the continuation of the work of the Spiritual Advance Committee of the Anglican Advance Appeal, we now ask the House to approve the following requests of the present Council of the Spiritual Advance Committee.
1. That in setting up the continuation committee, the House be asked to appoint on nomination of the Nomination Committee, a Chairman and ten members to form the Executive of the Spiritual Advance Committee, consisting of six clergymen, three laymen, and one lay-woman.
2. Also that this House request the House of Bishops to appoint two of their number to sit on the Executive.
3. And that, together with the clergymen and laymen representing each diocese, the above Executive form the Spiritual Advance Council of the Church of England in Canada.
4. And that the Council be empowered to co-opt membership in the Executive or the Council, men and women, who are not members of the General Synod. CARRIED in both Houses.
That with a view to ensuring the complete success of the financial part of the Anglican Advance Appeal, each Diocese be requested to keep its Diocesan and Parochial Committees in existence until the final payments have been made. CARRIED in both Houses.
That His Grace, the Primate, be requested to appoint a small committee to draw up a nation-wide service of thanksgiving for God's blessing on the Anglican Advance Appeal, to be used on a day to be named by the Primate. CARRIED in both Houses.
That the grateful thanks of this General Synod be accorded to the Right Reverend Robert Jefferson, D.D., Bishop of Ottawa, for the great contribution he has made to the success of the Anglican Advance Appeal, by his wise, able and inspired leadership as Chairman of the Executive Council of the Anglican Advance Appeal. CARRIED in both Houses.
That this General Synod records its very deep appreciation for the faithful work which Mr. H.H. Loosemore, Honorary Treasurer of the A.A.A., has done, in the interests of that effort on the part of the Church, during the four years that he has filled that office. His training in the world of banking, his deep and unswerving loyalty to the Church and her best interests, his wise and courteous dealing with all the Diocesan A.A.A. officers, and his full and selfless co-operation with the members of the A.A.A. Committee have made him a most valued and valuable servant of the Church. The Synod expresses its warmest thanks to him for all that he has done. CARRIED by a standing vote.