Diocesan Stipends Funds Measure, 1953
| Jurisdiction | UK Non-devolved |
| Citation | measure 1953 No. 2 |
| Year | 1953 |
Diocesan Stipends Funds Measure, 1953
(1 & 2 Eliz. 2)
A MEASURE passed by the National Assembly of the Church of England
To make further provision in relation to diocesan stipends funds established by the Reorganisation Areas Measure, 1944, and the Pastoral Reorganisation Measure, 1949, and for that purpose to amend those Measures and for purposes connected therewith.
[26th March 1953]
1 Capital and income accounts of diocesan stipends funds.
(1) The Church Commissioners (in this Measure called ‘the Commissioners’) shall open on the appointed day and thereafter keep two accounts for every diocesan stipends fund established under the Reorganisation Areas Measure, 1944, or the Pastoral Reorganisation Measure, 1949, namely a capital account and an income account.
(2) Subject to the provisions of section three of this Measure the Commissioners shall allocate to the capital account and income account of each diocesan stipends fund all moneys and other property held by them on behalf of that fund on the appointed day in such proportions as they after consultation with the bishop and the diocesan board of finance shall determine and shall apportion between the capital account and income account of each fund all charges subsisting thereon on the appointed day in such manner as they after such consultation as aforesaid shall determine.
2 Moneys to be allocated to capital and income accounts.
Subject to the provisions of section three of this Measure the Commissioners shall after the appointed day:—
(ii) any legacy not expressly directed or declared to be applicable as income and any donation or other contribution expressly directed or declared to be applicable as capital which may from time to time be received for the credit of or be allocated to that fund under the provisions of sub-section (1) of section thirty of the Measure of 1944 or sub-section (1) of section eleven of the Measure of 1949; and
(iii) any other money or property received for the credit of that fund which the Commissioners after consultation with the bishop and the diocesan board of finance may determine to be of a capital nature; and
(ii) any legacy expressly directed or declared to be applicable as income and any donation or other contribution not expressly directed or declared to be applicable as capital which may from time to time be received for the credit of or be allocated to that fund under the provisions of sub-section (1) of section thirty of the Measure of 1944 or sub-section (1) of section eleven of the Measure of 1949;
(iii) any endowment income of a benefice in the diocese carried to the credit of or paid to the diocesan stipends fund under sub-section (7) of section five or of sub-section (1) of section twelve of the Measure of 1949;
(iv) the interest allowed on sums standing to the credit of the capital account of the fund; and
(v) any other money or property received for the credit of that fund which the Commissioners after consultation with the bishop and the diocesan board of finance may determine to be applicable as income.
3 Provisions as to moneys so allocated.
(1) Any money or other property allocated by the Commissioners to the capital account or the income account of a diocesan stipends fund shall not be credited directly to such account but shall be taken over and held by the Commissioners as part of their general fund, and in lieu thereof the Commissioners shall credit the capital account or the income account (as the case may be) of the diocesan stipends fund with a sum charged upon their general fund of an amount equal in value as determined by the Commissioners to the money or other property taken over.
(2) The Commissioners shall allow interest at such rate as they may determine upon all sums credited to the capital account of a diocesan stipends fund.
4 Application of moneys credited to capital accounts.
Subject to any charges imposed on the capital of the diocesan stipends fund of a...
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