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MOTOR VEHICLE FUND ACT 1988 (BALLARAT DIOCESE)

No. 21
MOTOR VEHICLE FUND ACT 1988

1. The Motor Vehicle Fund (hereinafter referred to as “The Fund”) shall vest in The Ballarat Diocesan Trustees and be under the control and management of the Bishop-in-Council.

2. The Capital of the Fund shall consist of the existing capital of the Clergy Car Loan Fund and of donations and bequests to such capital as may be made hereafter and of all sums borrowed by the Bishop-in-Council as hereinafter provided.

3. The income of the Fund shall consist of the amount now to the credit of the income account of the said Fund and all grants made as such by the Bishop-in-Council and of interest derived from the Capital of the Fund.

4. (a) For the purposes of this Act the Bishop-in-Council may from time to time borrow and reborrow at interest such sums of money as it thinks requisite for the said purposes.

(b) The Bishop-in-Council may borrow and reborrow such sums upon the security of its assets, and for such purpose may pledge any of them.

(c) In the event of the whole or any parts of such sums being repaid by the Bishop-in-Council the Bishop-in-Council may reborrow the same and so toties quoties.

(d) Any sums which the Bishop-in-Council is authorised to borrow under this Act may be raised as one loan or as several loans.

5. The Bishop-in-Council shall have the following powers:-

(a) To determine the order of priority of applications and to enter into hire purchase agreements in connection with such purchases.

(b) To assist any clergyman or lay officer or such approved theological students to purchase a motor vehicle and to cover other associated costs by making him a loan or by guaranteeing his account at any Bank or otherwise or in such other manner and on such terms as the Bishop-in-Council shall determine.

6. The maximum amount of assistance to be given by the Bishop-in-Council in respect on any one vehicle shall be decided by the Bishop-in-Council from time to time.

7. The Bishop-in-Council may make regulations for the effective control and management of the Fund.

8. A statement of accounts for the preceding financial year duly certified by the diocesan auditor shall be prepared and placed before the Synod at its next ensuing session.