Appendix C: AN ACT RESPECTING THE INCORPORATE SYNOD OF THE DIOCESE OF ALGOMA

(Statutes of Ontario, 1955, Chapter 101)

Whereas the Incorporated Synod of the Diocese of Algoma by its petition has represented that by section 8 of An Act to incorporate the Synod of the Diocese of Algoma in connection with the Church of England in the Dominion of Canada, being chapter 141 of the Statutes of Ontario, 1906, it was authorized and directed to invest at interest all funds held by it in trust in securities in which trustees may invest trust funds under the provisions of The Trustee Investment Act and amendments thereto, and in no other securities;

and whereas the Synod desires to be empowered to invest the assets comprising the funds held by it in trust in such a manner so as to obtain a greater diversity of investment and an increase in the income derived therefrom;

and whereas the petitioner has prayed that special legislation be passed for such purposes;

and whereas it is expedient to grant the prayer of the petition;

Therefore, Her Majesty, by and with the advice and consent of the Legislative Assembly of the Province of Ontario, enacts as follows:

1. Section 8 of An Act to incorporate the Synod of the Diocese of Algoma in connection with the Church of England in the Dominion of Canada is repealed and the following substituted therefor:

8. The Synod,

(a) shall invest at least 70 percent of the book value of the assets, now or hereafter comprising the funds held by it in trust, in investments in which trustees are now or may hereafter be authorized to invest trust funds under The Trustees Act; and

(b) may invest up to 30 percent of the book value of such assets in investments in which joint stock insurance companies and cash-mutual insurance corporations are now or may hereafter be authorized to invest under The Corporations Act, 1953,

and may alter and vary such investments from time to time by substituting others of a like nature.

2. This Act comes into force on the day it receives Royal Assent.

3. This Act may be cited as The Incorporated Synod of the Diocese of Algoma Act, 1953.

 

(Assented to 31st March, 1955)