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PAROCHIAL ENDOWMENT ACT 1988 (BALLARAT DIOCESE)

No. 10
PAROCHIAL ENDOWMENT ACT 1988

MANAGEMENT AND APPLICATION OF
PAROCHIAL ENDOWMENT

1. Endowments shall mean any gift devise or bequest of any real or personal estate whatsoever to or for the permanent benefit of any District Parochial District Parish Church or Parochial Church School.

2. All endowments now made or hereafter to be made given devised or bequeathed shall unless otherwise provided be vested in the Corporation styled The Ballarat Diocesan Trustees and managed by the Bishop-in-Council.

3. Endowments of money shall unless otherwise provided be invested by the said Corporation at the request of the Bishop-in-Council in accordance with the provisions of The Ballarat Diocesan Trustee & Powers of Investment Act.

4. The income of each endowment shall after payment thereout of all costs charges and expenses incurred in the management thereof be paid or applied unless otherwise provided to or for the District Parochial District Parish Church or Parochial Church School to or for which such endowment was made given devised or bequeathed.

5. The Corporation shall not be required to invest each endowment separately but may invest the same jointly with other endowments or other funds vested in it in which case the income of each endowment shall be a proportionate part of the entire fund with which it is invested.

6. A statement of Assets showing the position of Endowments shall be presented at each Session of the Synod of the Diocese for its information.