(1) To amend section (2) (Powers) of Canon IX (Finance) Part I, p.97, by striking out all words after the word "security" in the second last line, so that the section will read as follows:
(1) Subject to the provisions of any legislation affecting the investment of trust funds or 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 discretion deem advisable, provided that, except those securities set out in subsection (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 $50,000 shall be invested in any one security.
(A) The following resolution was presented by the Heads of Departments Salary Committee: "That the National Executive Council be advised that when procedures by which salaries at Church House (other than those of Heads of Departments) are being discussed by the NEC, or committees appointed by the NEC, the Heads of Departments ask the privilege of being present."
Mr. J.W. Graham mentioned that it was the normal practice for all salary matters to be considered by the Board of Finance, which had not seen the "brief" presented at the February meeting. It was, therefore, moved [and seconded].
That the matter be referred to the Board of Finance, for study and report at the next meeting of the National Executive Council. CARRIED
That the title to Part I "Board of Finance" be deleted and the title "Administration and Finance Committee" substituted therefor, and wherever the designation "Board" appears in the said Canon, the same be replaced by "Committee." CARRIED in both Houses.
That the sections of the Board of Finance Report "Peter Larkin Foundation Gift", "Church House Properties", General Synod Assessment", "Trust Fund Grants", "Staff Loans and Salary Schedule" be received. CARRIED