New South Wales Consolidated Acts

UNITARIAN CHURCH ACT 1927 - SECT 15

15 Moneys received to be applied to certain objects

(a) The net moneys received whether capital or income under any leasing, letting on hire, mortgage, charge, or encumbrances, sale, exchange, dedication, or other disposition in pursuance of the provisions of clause fourteen hereof shall be applied by the Trustees or the Trustee to or towards all or any one or more of the following objects, that is to say, for making reasonable provision for such bonus or endowment of any officiating minister, or any person who shall have been an officiating minister, the widow of any such officiating minister or person, or such payment on account of arrears of salary or as a retrospective increase of salary already paid in accordance with a resolution of the congregation or in the purchase or other acquisition of property, real or personal, the erection and furnishing of buildings upon lands forming part of Unitarian Church property now or hereafter erected upon such lands, and for or towards such other capital expenditure as the congregation may by special resolution direct upon such terms and conditions as shall be provided by such resolution.

(b) The Trustees or the Trustee shall apply from the said net moneys so received as aforesaid such sum as the committee shall direct in payment of the legal and other expenses of or incidental to the preparation and passing of this Act.

(c) The Trustees or the Trustee shall as soon as shall reasonably be practicable, if so required from time to time by a resolution of the congregation, invest in their his or its name all capital moneys which after such applications and payments as aforesaid shall from time to time be in the hands of the Trustees or the Trustee in such forms of investment for the time being authorised by law or by rule of the Supreme Court of the said State in its equitable jurisdiction as the congregation shall by resolution direct on the terms and conditions prescribed by such resolution.