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Church Funds Investment Measure, 1958

As Enacted Cited authorities 5 Cited in Amendments 25 Related
Vincent
JurisdictionUK Non-devolved
Citationmeasure 1958 No. 1
Year1958


‘Church Funds Investment Measure, 1958.’

(6 & 7 Eliz. 2)

A MEASURE passed by the National Assembly of the Church of England.

To make better provision for the investment of certain funds of or connected with the Church of England.

S-1 The Scheduled Scheme to have effect.

1 The Scheduled Scheme to have effect.

The Scheduled Scheme shall have effect for the purpose of enabling the funds to which this Measure applies to be invested as provided by the said Scheme.

S-2 Funds to which the Measure applies.

2 Funds to which the Measure applies.

The funds to which this Measure applies are:—

a ) The corporate funds of the Central Board
b ) The corporate funds of any Diocesan Authority
c ) The funds of any Church Educational Endowment; and
d ) Any funds held for the time being by the Central Board or a Diocesan Authority or any other person or body upon any trust for objects which are connected with the work of the Church of England and which are exclusively charitable objects, other than a trust coming into operation after the date of this Measure which by its terms expressly provides that this Measure shall not apply to it
S-3 Contributions to Investment Funds and deposits inDeposit Funds to be authorised investments.

3 Contributions to Investment Funds and deposits inDeposit Funds to be authorised investments.

(1) Notwithstanding anything contained in any trust instrument the trustees or other persons or bodies responsible for the investment of a fund to which this Measure applies may from time to time invest such fund or part thereof by contributing the same to an Investment Fund, or by depositing moneys belonging to such fund in a Deposit Fund. Such contribution and deposit shall for all purposes be an authorised investment of the moneys of such fund.

(2) In the administration of any trust, assets of which have been contributed to an Investment Fund, all sums distributed from that Investment Fund as income shall be treated as income of the trust, and all sums distributed on withdrawal from or on the winding up of that Investment Fund shall, unless specifically designated by the Central Board as income, be treated as capital of the trust.

S-4 Interests in Investment Funds not interests in land.

4 Interests in Investment Funds not interests in land.

Notwithstanding that the assets comprised in an Investment Fund may include land, an interest in an Investment Fund shall not, for the purpose of any enactment or rule of law concerning charities or of any trust instrument, be deemed to be an interest in land or in moneys to be laid out in the purchase of land.

S-5 Jurisdiction of Minister of Education and Charity Commissioners.

5 Jurisdiction of Minister of Education and Charity Commissioners.

(1) In the administration of an Investment Fund or of a Deposit Fund the Central Board shall enjoy the same exemption from the powers and jurisdiction of the Minister of Education or the Board of Charity Commissioners for England and Wales as it would enjoy if it had been one of the bodies exempted by section sixty-two of the Charitable Trusts Act, 1853 , from the operation of that Act.

(2) A contribution to or a withdrawal from an Investment Fund (whether or not involving a transfer of land or any interest therein) or a deposit in or withdrawal from a Deposit Fund, being a contribution deposit or withdrawal made in respect of a fund to which this Measure applies, shall not require the consent or direction of the Minister of Education or the Board of Charity Commissioners for England and Wales except as regards a fund or any land or other property comprised therein which is or is to be vested in the Official Trustee of Charity Lands or the Official Trustees of Charitable Funds.

(3) Save as aforesaid nothing in this Measure or in the Scheduled Scheme shall affect any power or jurisdiction of the said Minister or Board of Charity Commissioners.

S-6 Exclusion of Prevention of Fraud \(Investments) Act, 1939.

6 Exclusion of Prevention of Fraud \(Investments) Act, 1939.

The Prevention of Fraud (Investments) Act, 1939, shall not apply to any dealings undertaken by or on behalf of the Central Board, or to any documents issued by or on behalf of the Central Board or a Diocesan Authority, in connection with the constitution or operation of an Investment Fund or a Deposit Fund.

S-7 Saving for the Borrowing \(Control and Guarantees) Act, 1946.

7 Saving for the Borrowing \(Control and Guarantees) Act, 1946.

Nothing in this Measure or the Scheduled Scheme shall authorise the Central Board to exercise the power to borrow contained in the Scheduled Scheme otherwise than in accordance with any Order made under Section One of the Borrowing (Control and Guarantees) Act, 1946, and for the time being in force.

S-8 Definitions.

8 Definitions.

In this Measure—

‘The Central Board’ means the Central Board of Finance of the Church of England, but includes in sections three, five, six and seven any body substituted for that Board pursuant to paragraph 17 of the Scheduled Scheme;

‘Church Educational Endowment’ means an educational endowment which includes among the purposes for which it has been made applicable or is applied instruction in religious knowledge according to the faith and practice of the Church of England; and for this purpose the expression ‘educational endowment’ means an endowment or any part of an endowment which, or the income whereof, has been made applicable or is applied for the purposes of education, whether the same has been made so applicable by the original instrument of foundation or by any subsequent Act of Parliament, Measure, letters patent, decree, scheme, order, instrument, or other authority;

‘Deposit Fund’ means any Deposit Fund constituted by or pursuant to the Scheduled Scheme;

‘Diocesan Authority’ means a Diocesan Board of Finance, including any existing or future body exercising the functions of a Diocesan Board of Finance for the purposes of the Diocesan Boards of Finance Measure, 1925, and any body appointed by a Diocesan Conference to act as Trustees of any Diocesan trust property;

‘Investment Fund’ means any Investment Fund constituted by or pursuant to the Scheduled Scheme;

‘The Scheduled Scheme’ means the Scheme contained in the Schedule to this Measure;

‘Trust instrument’ means any Act of Parliament, Measure, trust deed, letters patent, decree, scheme, order or other instrument or authority affecting the administration of a fund to which this Measure applies.

S-9 Short title and extent.

9 Short title and extent.

(1) This Measure may be cited as the ‘Church Funds Investment Measure, 1958.’

(2) This Measure shall extend to the whole of the Provinces of Canterbury and York except the Channel Islands and the Isle of Man:

Provided that this Measure may be applied to the Channel Islands as defined in the Channel Islands (Church Legislation) Measure, 1931 , or either of them in accordance with the provisions of that Measure:

Provided also that, if an Act of Tynwald so provides, this Measure shall extend to the Isle of Man subject to such modifications, if any, as may be specified in such Act of Tynwald.

S C H E D U L E S

Schedule

SCH-1.1 Definitions.

1. In this Scheme—

‘The Auditors’ means, in relation to a particular Investment Fund or Deposit Fund, the persons appointed by the Central Board to audit the accounts of that Fund, or if no persons have been specially so appointed, the auditors of the Central Board;

‘The Central Board’ means the Central Board of Finance of the Church of England and includes, unless the context otherwise requires, any body substituted for the Central Board pursuant to paragraph 17 hereof;

‘The commencement date’ means, as regards any particular Investment Fund or Deposit Fund, the date fixed by the Central Board as the date on which such Investment Fund or Deposit Fund is to commence operating;

‘Contributing Fund’ means, in relation to a particular Investment Fund, a fund assets of which have been contributed to and have not subsequently been wholly withdrawn from that Investment Fund;

‘Diocesan Authority’ has the meaning ascribed thereto in the Measure;

‘The Holder of a fund’ means the following persons and bodies, namely:—

a ) In relation to the corporate funds of the Central Board or a Diocesan Authority, the Central Board or the Diocesan Authority as the case may be
b ) In relation to any other fund to which the Measure applies, the trustee or trustees in whom that fund is vested, and so that a custodian trustee or like person in whom a fund is vested shall be deemed to be the Holder to the exclusion of any managing trustees on whose directions the custodian trustee or like person is required to act

‘The Holder of a Share’ means, in relation to any Share in an Investment Fund, the person or body in whose name such Share is recorded in the books of the Central Board;

‘Investment Fund’ means the Investment Fund constituted by this Scheme or any Investment Fund which may hereafter be constituted under the powers contained in this Scheme, and ‘Deposit Fund’ means the Deposit Fund constituted by this Scheme or any Deposit Fund which may hereafter be constituted under the powers contained in this Scheme;

‘The Measure’ means the Church Funds Investment Measure, 1957, to which this Scheme is Scheduled;

‘Trust instrument’ has the meaning ascribed thereto in the Measure;

‘Valuation date’ means, as regards any Investment Fund, a date on which a valuation of that Investment Fund is made in accordance with this Scheme.

Investment Funds

Investment Funds

SCH-1.2 Constitution of Investment Funds.

2 Constitution of Investment Funds.

(1) There is hereby...

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