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THE ST CUTHBERT'S TRUST FUND ACT 1988 (BALLARAT DIOCESE)

No. 22
THE ST. CUTHBERT’S TRUST FUND ACT 1988

1. The Bishop-in-Council and The Ballarat Diocesan Trustees shall be responsible for all matters actions rights and responsibilities of the Board of Management of St. Cuthbert’s Homes remaining after the passing of this Act provided that such council and trustees shall not be deemed liable for any payment of money other than from the proceeds of the disposal of the assets of St. Cuthbert’s Homes.

2. (a) A Fund is hereby established to be known as the St. Cuthbert’s Trust Fund (hereinafter called “the Fund”).

(b) The Capital of the Fund shall consist of the net proceeds of the disposal of the assets of St. Cuthbert’s Homes at the commencement of this Act and of donations bequests and other increments to such capital as may be made from time to time.

3. The Fund shall be managed by the Bishop-in-Council which shall have power-

(a) to make such payments as are the responsibility of the former Board

of Management of St. Cuthbert’s Homes.

(b) to make investment in accordance with The Ballarat Diocesan Trustees and Power of Investment Act.

(c) to determine at its discretion from time to time what money shall be allocated and used as capital and income with the power to vary such allocations.

4. The income of the Fund shall include income added to the credit of the Fund at the commencement of this Act and income from investments. The income of the Fund shall be used by the Bishop-in-Counci -

(a) to meet the costs of administration of the Fund, and

(b) for the furtherance of Christian Social Work as it may determine from time to time.

5. The Bishop-in-Council shall cause to be prepared yearly an audited statement of the accounts for the previous financial year and shall present the same to the then next ensuing Session of Synod.