Resolved, That Clause now 12 be adopted, after being amended by the deletion of the words, "Department, Synod or Institution" in both places.
(12) Should it be found necessary by the General Synod of the Church of England in Canada and the Missionary Society of the Church of England in Canada or either of them, having funds with the Joint Investment Committee, to borrow money, and for this purpose to pledge securities, the Joint Investment Committee shall on the written request of the Corporation requiring such loans, assign, convey and deposit with the lender as security for such loan or loans, such securities belonging to the Consolidated Trust Fund as in their opinion may be necessary, upon the following terms and conditions:
(a) No obligation shall be assumed by the Joint Investment Committee in respect of said loan.
(b) The corporation obtaining the loan shall execute the necessary documents relating thereto and be entitled to receive the proceeds of said loan and they shall punctually pay the principal and interest thereon as same becomes due, and furnish a statement of said loan quarterly to the Joint Investment Committee.
(c) The principal and interest on said securities so deposited as same is paid shall be paid over by the lender to the Joint Investment Committee, and the said securities returned and reconveyed to the Joint Investment Committee when said loan is paid off.
(d) The loan obtained shall in no case exceed 75% of the capital then in the Consolidated Trust Fund of the particular trust for which said loan is procured.
(e) Should the securities so deposited be sold by the lender for default or for any other reason, the capital of the borrowing corporation in the Consolidated Trust Fund shall be reduced by such amount as the Joint Investment Committee may in their discretion determine.
(f) The Joint Investment Committee may make such other conditions as they may deem necessary.