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THE BALLARAT DIOCESAN TRUSTEES ACT 1988 (BALLARAT DIOCESE)

No. 9
THE BALLARAT DIOCESAN TRUSTEES ACT 1988

Formerly known as the

The Ballarat Diocesan Trustees and Powers of Investment Act 1997

Amended by The Ballarat Diocesan Trustees and Powers of Investment Amendment Act 1997

PART A
MANAGEMENT AND ADMINISTRATION OF THE
CORPORATION STYLED
“THE BALLARAT DIOCESAN TRUSTEES”

1. There shall be a Corporation styled “The Ballarat Diocesan Trustees” consisting of six Trustees three of whom shall be the Bishop the Archdeacon of Ballarat and the Chancellor of the Diocese for the time being who shall be ex-officio Trustees and three of whom shall be persons appointed Trustees as hereinafter provided.

2. The Bishop shall be chairman of the Corporation and shall convene the Trustees from time to time provided that in his absence the other Trustees may appoint one of their number to be their chairman at any meeting and that during the vacancy of the See the Administrator of the Diocese may convene the Trustees and shall be chairman.

2A. (1) The Trustees shall meet at least twice in each year.

(2) Minutes of meetings shall be tabled at the next ensuing ordinary meeting of the Council of the Diocese.

3. Any three of the Trustees shall form a quorum and shall have and may exercise all the powers and authorities which by the Act of the Parliament of Victoria 48 Victoriae 797 this Act or any Act at present or to be hereafter in force are or shall be vested in The Ballarat Diocesan Trustees.

4. Unless otherwise provided all real and personal property of the Anglican Church of Australia in the Diocese of Ballarat shall be vested in The Ballarat Diocesan Trustees.

5. No proceedings of the Trustees shall be invalidated or illegal in consequence only of there being any vacancy in the number of Trustees at the time of such proceedings.

6. Such Trustees as are not Trustees ex-officio shall hold their office during good behaviour but any Trustee may resign his office by writing under his hand addressed to the Bishop and should any Trustee become insolvent or make any composition with his creditors or be absent from the State without leave from his Co-Trustees for a period exceeding six months or fail to attend six consecutive meetings of the Corporation of which he shall have had due notice his office shall be forfeited and shall cease and determine.

7. The Synod may by resolution remove from office any of the Trustees except Trustees who are ex-officio.

8. The Synod shall by resolution nominate and appoint a new Trustee to fill any vacancy however occurring and the Bishop-in-Council may appoint a new Trustee to fill any vacancy in the number of Trustees provided that such appointment by the Bishop-in-Council shall be subject to ratification at the next session of Synod.

9. The provision of the Elections Regulations Act shall not apply or be deemed to apply to the filling of any vacancy or vacancies in the office or offices of Trustee or Trustees under this Act.

10. The Registrar of the Diocese shall be the Secretary to the said Corporation and shall at and within the building known as the Bishop’s Registry at Ballarat have the custody of the Common Seal of the said Corporation.

11. The Trustees may subject to any rules and regulations which may from time to time be made by the Synod make rules and regulations for their own guidance for transaction of business.

12. The affixing of the Common Seal of the Corporation shall be verified by the signatures of not less than three of the Trustees.

PART B
POWERS OF INVESTMENT

13. The Ballarat Diocesan Trustees may from time to time sell alienate mortgage demise lease exchange surrender or dispose of any real or personal property which is now or which shall hereafter become vested in them or be under control with the consent of the Bishop-in-Council and of the local Managing Body (as defined in Part 3 of the Parochial Government Act 1988) if there be such first had and obtained in writing but so far as any such property is subjected to any expressed trust then such property shall be held managed and dealt with in manner aforesaid only in conformity with such expressed trust and such Trustees of any property vested in them either subjected to any expressed trust or otherwise shall not refuse so to deal with such property if moved thereto by the Bishop-in-Council and at the request of the local Managing Body if there be such.

14. The Ballarat Diocesan Trustees in addition to the powers of investment conferred upon it by other Acts shall be direction of the Bishop-in-Council have power to make. investments in:

(1) The purchase of Real Estate.

(2) Any Public Funds or Government Stock or Government Securities, Bonds, Debentures, Inscribed Stock or Treasury Bills of or guaranteed by the Federal Government or the Government of any State in the Commonwealth of Australia.

(3) First Mortgage on Real Property in any part of the said Common-

wealth.

(4) Stocks, Funds or Securities in or upon which by any general order cash under the control of any Court of Equity within the said Commonwealth may from time to time be invested.

(5) Debentures of any Harbour Trust, Port Authority, Board of Works, Sewerage or Waterworks, Trust or Tramways Board within the Commonwealth of Australia.

(6) Debentures issued by any City, Town, Borough or Shire in the Commonwealth.

(7) Mortgage Bonds under any of the savings Banks Acts of any State

within the Commonwealth.

(8) Deposits in any Government Savings Bank within the Common-

wealth.

(9) (a) The purchases of the fully paid-up preference or ordinary stock or shares listed on the Stock Exchange of any Capital City within the Commonwealth of Australia of any company or corporation carrying on business with the Commonwealth of Australia having a paid up capital of not less than $500,000.

(b) The purchase of rights to any new shares issued by any company or corporation in which at the time of investment it would be proper to invest aforesaid.

(c) The taking up or purchase of new shares or rights to new shares issued by any company or corporation in which at the time of investment The Ballarat Diocesan Trustees already holds shares.

(d) The purchase of stock or shares in any company being formed to carry on business within the Commonwealth of Australia which will when its capital (being not less than $500,000) is fully subscribed be listed on the Stock Exchange of any Capital City within the Commonwealth of Australia.

(e) Debentures issued by any company or corporation in which at the time of investment it would have been proper to invest in the purchase of preference or ordinary stock or shares.

(f) Deposit at interest either for a fixed term not exceeding seven years or at call with any company or corporation in which at the time of investment it would have been proper to invest in the purchase of preference or ordinary stock or shares.

(10) Any stock or debentures issued by any Statutory Corporation or body the stock or debentures of which are by the Act of Parliament under which the corporation or body is constituted expressed to be trustee investments.

The Trustees by the like direction shall have power to vary or realise investments from time to time.

15. When the function of management of nay trust property has been committed by the Trustees, the Synod, or the Council of the Diocese, to a committee or other body or a person or persons, the Trustees in the proper discharge of their duty shall nevertheless retain overall control of and responsibility for the trust property.

16. This Act may be cited as The Ballarat Diocesan Trustees Act 1988.