Anglican Church of Australia Act 1985

Synod. A Synod is the governing body of a diocese, comprising clergy and lay members. Under the Church of England Act 1854 as amended, the Synod has power to alter its own constitution regarding lay membership. The 1985 Act clarifies that this power extends to providing for lay members who are not necessarily elected as parish representatives. The Synod is the key decision-making body for many of the actions under the Act, such as authorising the establishment of a Common Fund or resolving to change the trust corporation’s name.

Trusts Corporation. Under the Anglican Trusts Corporations Act 1884, each diocese may have a corporate body of trustees to hold property on trust for the diocese. That corporation is a separate legal entity but is closely tied to the diocese. The 1985 Act expands its investment powers and confirms its ability to mortgage or charge property. The corporation is also the entity that establishes and operates the Common Fund.

Common Fund. This is a pool of moneys held by the trusts corporation, contributed by various trusts and persons, and invested collectively. The concept is similar to a pooled trust fund. Moneys placed into the Common Fund lose their individual identity; investments are not made on account of any particular trust. The trusts corporation maintains accounts showing each trust’s or person’s current credit balance. Income from the fund is distributed proportionately based on those balances and the period they were in the fund. Valuation is done monthly based on stock exchange quotations. Additions and withdrawals during a month are based on the valuation at the start of that month.

Lay membership. The phrase refers to non-clergy members of the Synod. The 1985 Act broadens the basis on which lay persons may become members. They may be elected (as before), but also nominated, appointed, or ex officio. This gives the Synod flexibility to include, for example, diocesan officers or experts without requiring a parish electorate.

Encumbrance. The amendment to section 12 of the 1884 Act adds the power to mortgage, charge, or otherwise encumber trust property. An encumbrance is a legal right or interest in property that does not involve ownership but affects title, such as a mortgage or lien. This power is significant because trust property is usually protected from being used as security. The Act now expressly allows it, but subject to the duties of the trust corporation as trustee.

Separate voting. For a name change resolution under new section 4A, the votes of clergy and laity must be taken separately, and each must achieve a majority. This is a safeguard to ensure both orders of the church consent to the change, reflecting the constitutional structure of the Anglican Church.

No new legal entity. The name change provision explicitly states that changing the name does not create a new legal entity or affect continuity. This is to avoid vesting issues or the need to re-register property. The trust corporation remains the same body corporate, simply under a new name.

Advance for diocesan purposes. Section 12A(5) allows the trusts corporation to advance money from the Common Fund for any purpose of or relating to the diocese. This is a special power that goes beyond normal trust investment. It means the Common Fund can be used to lend to the diocese itself, which creates a conflict of interest because the trust corporation is itself a diocesan body. The advance must bear interest fixed by the trust corporation, and the amount advanced plus interest becomes a charge on the assets of the diocese. This gives the Common Fund a secured claim, but it also exposes the fund to the credit risk of the diocese.

Monthly valuation. The Common Fund must be valued on the first day of each month. For listed securities, stock exchange quotations are prima facie evidence of value. This monthly cycle governs when additions and withdrawals are priced. This reduces the administrative burden of daily pricing but means that transactions are priced at a snapshot that may be stale if markets move significantly during the month.

The Act directly affects the Anglican Church of Australia in Victoria, specifically its diocesan structures. The parties most immediately affected are:

Diocesan Synods. The Synod gains greater latitude in determining its own composition regarding lay members. The Synod also has the power to pass resolutions to change the trust corporation’s name and to authorise the establishment of a Common Fund. For the Common Fund, the Synod may give directions that bind the trust corporation’s investment discretion. Synod members, particularly lay members, need to understand the new powers and the implications of decisions they make.

Trusts corporations. The corporate body of trustees in each diocese is the primary subject of the new powers. It can now mortgage or charge trust property, which was previously uncertain. It can establish and operate a Common Fund, with the associated duties of valuation, accounting, and distribution. The trust corporation must exercise its powers in accordance with trust law and any directions from the Synod. Its officers and board need to understand the new investment latitude and the risks of common fund pooling.

Beneficiaries of individual trusts. Those for whom the trust corporation holds property are affected because their money may be pooled into a Common Fund, losing separate investment identity. If a trust instrument prohibits investment in a Common Fund or specifies another manner of investment, then the moneys cannot be placed in the fund. But for trusts that are silent or general, beneficiaries lose the ability to have their funds managed individually. They also bear the risk of the fund’s overall performance, including potential losses from diocesan advances.

The diocese itself. The diocese can potentially receive advances from the Common Fund for its purposes, which gives it access to financing from its own trust corporation. However, that financing is secured by a charge on diocesan assets, which may affect the diocese’s ability to borrow elsewhere. The diocese also benefits from the name change provision if it wishes to update the trust corporation’s name to reflect the current church name.

The Registrar-General. The Registrar-General of Victoria has a ministerial role: receiving certified resolutions for name changes, registering them, and publishing notices in the Government Gazette. The Act imposes a duty on the bishop to deliver the resolution, and on the Registrar-General to register and notify.

Legal practitioners. Lawyers advising Anglican diocesan bodies need to understand the scope of the new powers, especially the ability to encumber trust property and the rules for common funds. They also need to advise on whether a particular trust instrument prohibits common fund investment. Trust law practitioners will need to consider how the Act interacts with the general law of trusts and the Trustee Act 1958.

Accountants and auditors. The Common Fund requires monthly valuations, and its accounts must show the amount at credit for each trust or person at any time. Auditors will need to verify the valuation methodology and the proportionality of income distribution. The fund’s performance and the treatment of capital gains and losses will affect the reporting of individual trust accounts.

Parishioners and lay electors. The broadening of lay membership means that parishioners may no longer have the exclusive right to elect their representatives; the Synod could appoint or nominate others. This reduces the direct link between parish and Synod, potentially weakening accountability to parishioners. However, it also allows Synod to bring in expertise. The change is a governance trade-off.

Creditors of the diocese. Because advances from the Common Fund become a charge on diocesan assets, creditors of the diocese now have a new secured creditor ranking ahead of unsecured creditors. This may affect the diocese’s creditworthiness and the terms on which third parties lend to it.

Tax authorities. The Common Fund may have tax implications. For example, if the fund is a separate trust for income tax purposes, it may need its own tax file number and may be subject to withholding tax. The Act does not address tax, but practitioners must consider the interaction with income tax and stamp duty laws.

In summary, the Act primarily affects the internal governance and financial management of Anglican dioceses in Victoria, but also has spillover effects for beneficiaries, creditors, and professionals who deal with church property.

Synod’s right to alter lay membership. Under new section 13A, the Synod has the power to alter the constitution of the Synod with respect to lay membership. This includes the right to provide for lay members by election, nomination, appointment, or ex officio. This is a permissive power, not a duty. The Synod may exercise it but is not required to. The right is subject to any other provisions of the Church of England Act 1854, but the new section explicitly states that the power includes those methods, overriding any implied restriction that lay members must be parish representatives.

Synod’s right to change the trust corporation’s name. Under new section 4A, the Synod may pass a resolution to change the name of the corporate body of trustees. The resolution must have the concurrence of a majority of clergy and laity, with votes taken separately, and must receive the bishop’s assent. Once passed, the bishop has a duty to cause a certified copy of the resolution to be delivered to the Registrar-General as soon as possible. The Registrar-General then has a duty to retain the copy, register the resolution, and notify the change in the Government Gazette. The change takes effect upon that notification.

Trust corporation’s right to invest in Common Fund. Under new section 12A(2), the trusts corporation may, if authorised by a Synod resolution, invest moneys in its hands either on a separate account or as part of a Common Fund. The right to invest in a Common Fund is conditional: the moneys must not be directed by the terms of the trust to be invested in some other specified manner, and investment in a Common Fund must not be specifically prohibited by the terms of the trust. This creates a duty on the trust corporation to examine each trust instrument before pooling the moneys. If the trust is silent, the corporation may pool. If the trust specifies a manner of investment or prohibits common funds, it cannot.

Trust corporation’s right to advance moneys to the diocese. Section 12A(5) gives the trusts corporation a discretionary right to make advances from the Common Fund for any purpose of or relating to the diocese. This is a right, not a duty. The advance is deemed an investment and must bear interest at a rate fixed by the corporation. The advance and interest become a charge on the assets of the diocese. This right carries a duty to fix a market rate of interest and to protect the fund’s interests as a secured creditor.

Trust corporation’s right to sell investments and withdraw moneys. Section 12A(7) allows the corporation to sell investments belonging to the Common Fund and to withdraw moneys for any purpose relating to the exercise of its powers under the Act, any other Act, any trust, or any direction of the Synod. This is a broad right, but must be exercised in accordance with the duties of a trustee.

Trust corporation’s right to withdraw amounts from common accounts. Section 12A(8) allows the corporation to withdraw at any time any amount at credit in the Common Fund on account of any trust or person and invest it on a separate account. From the date of withdrawal, that amount ceases to earn interest from the Common Fund. This gives the corporation flexibility to repatriate funds if it decides separate management is better. However, it must act in the best interests of the beneficiaries.

Beneficiaries’ rights. Beneficiaries of trusts whose moneys are pooled into the Common Fund have the right to have their proportionate share of income paid or allocated to them (section 12A(13)). They also have the right to have the monthly valuation determined and to receive any withdrawn amount (without further income from the fund). Beneficiaries are protected by the prohibition on intermingling trust property with the corporation’s own property (which remains under general trust law). If the trust instrument prohibits common fund investment, the beneficiary has a right to require separate investment.

Obligation to keep accounts. The trusts corporation must keep books of account from which the current amount at credit on account of each trust or person in a Common Fund can be determined at any time (section 12A(4)). This is a continuing duty. Similarly, the corporation must value the fund monthly and allocate income proportionately.

Obligations regarding name change. The bishop has the duty to certify and deliver the resolution. The Registrar-General has the duty to register and notify. These are administrative obligations, not discretionary.

The Act does not create private rights of action for beneficiaries, but breach of the duties would likely be enforceable under general trust law.

The Anglican Church of Australia Act 1985 does not create any specific criminal offences or civil penalties. It is an amending statute that enlarges powers; it does not impose sanctions for non-compliance. Enforcement relies on other legal frameworks.

If a trust corporation exercises its powers beyond the authority granted, for example by investing in a Common Fund despite a trust instrument prohibition, that action would be a breach of trust. The beneficiaries or the Attorney-General could seek remedies under trust law: an account of profits, compensation for loss, removal of trustee, or injunctive relief. The Trustee Act 1958 (Vic) and general equitable principles apply.

If the Synod passes a name change resolution without separate majorities or without the bishop’s assent, the resolution may be void. The Registrar-General might refuse to register, or a party could seek declaratory relief. No penalty attaches to the Synod members; the risk is invalidity of the resolution.

If the trusts corporation makes an advance from the Common Fund for a purpose not relating to the diocese, or without fixing a proper interest rate, that could be a breach of trust. The charge on diocesan assets would still be enforceable, but the corporation could be surcharged for any loss to the fund.

The Act does not provide for external oversight by a government regulator. The Registrar-General’s role is purely administrative and ministerial; there is no discretion to assess the validity of the resolution beyond its form. The Act does not create a right of appeal from the Registrar-General’s registration.

For the lay membership change, if the Synod alters its constitution beyond the scope of section 13A, that alteration might be ultra vires the Act. But the Act only grants the power; it does not create penalties for misusing it.

The absence of a penalty regime means that compliance relies on internal church governance, trust law remedies, and possible judicial review. This is typical for 19th and 20th century church property statutes in Victoria, which are enabling rather than regulatory.

Practitioners should note that the Act does not give the trusts corporation immunity from the ordinary duties of a trustee. The power to mortgage or charge property does not absolve the corporation from the duty to act prudently and in the best interests of beneficiaries. If the corporation mortgages trust property to raise funds for the diocese and the diocese defaults, the beneficiaries could suffer loss and could sue for breach of trust. The Act’s silence on penalties increases the importance of careful documentation and legal advice before exercising the new powers.

Trustee Act 1958 (Vic) . The Anglican Trusts Corporations Act 1884, as amended, gives trust corporations specific powers, but it does not displace the general law of trusts. The Trustee Act sets out default investment powers and duties of trustees. Section 12A(3) of the 1884 Act expressly states that a trusts corporation may invest Common Fund moneys in any manner in which trust moneys may be invested by a trustee under any Act. That includes investments authorised under the Trustee Act. Also, the Synod may authorise other investments beyond those in the Trustee Act. However, the trust corporation must still comply with the prudential duties in the Trustee Act, such as the duty to consider the suitability of the investment and the need for diversification (s 6 of the Trustee Act). The interaction means that the Act expands investment options but does not lower the standard of care.

Property Law Act 1958 (Vic) and instruments of charge. The power to mortgage or charge trust property under section 12 as amended must be exercised in accordance with the Property Law Act, which governs the form and registration of mortgages. For land, a mortgage may need to be registered under the Transfer of Land Act 1958. For personal property, the Personal Property Securities Act 2009 (Cth) may apply. The Act does not override those registration requirements. So the trust corporation must still comply with perfection requirements to create an enforceable security interest.

Anglican Church of Australia Constitution (Amendment) Act 1977. The preamble to the 1985 Act notes that the name of the church was changed under that 1977 Act. The name change power in section 4A is intended to allow trust corporations to align their names with the new church name. The 1977 Act is not amended by this Act, but this Act facilitates the transition.

Interpretation of Legislation Act 1984 (Vic) . The endnotes of the 1985 Act explain that the style changes and interpretation provisions of the 1984 Act apply. For example, headings and provision numbers now form part of the Act. This affects how sections are construed. The Act is to be interpreted in accordance with the 1984 Act.

Church of England Act 1854 (Vic) . The 1985 Act inserts section 13A into that Act. The 1854 Act remains in force and contains the original provisions about Synod membership and other church governance. The new section is an addition, not a replacement. The power to alter the constitution must be consistent with the rest of the 1854 Act.

Anglican Trusts Corporations Act 1884 (Vic) . The 1985 Act inserts sections 4A and 12A and amends section 12. The 1884 Act continues to govern the establishment, constitution, and general powers of trust corporations. The new sections sit within that framework. For example, the trusts corporation remains subject to the provisions of the 1884 Act regarding the appointment of trustees, their tenure, and their accountability to the Synod.

General trust law and equitable duties. The Act does not codify all trustee duties. The common law and equitable duties of trustees continue to apply: the duty of loyalty, the duty to act impartially between beneficiaries, the duty to keep accounts, and the duty not to profit from the trust. The power to make advances to the diocese (section 12A(5)) creates a potential conflict of interest because the trust corporation is a diocesan body advancing money to the diocese. This must be managed with proper disclosure and, preferably, independent advice. The trust corporation should be aware that such advances may be challenged as self-dealing unless authorised by the Act and conducted at arm’s length.

Charities Act and the Australian Charities and Not-for-profits Commission Act 2012 (Cth) . If the trust corporation or the Common Fund is a registered charity, additional regulatory requirements apply: reporting to the ACNC, compliance with the governance standards, and restrictions on use of charitable property. The 1985 Act does not override those federal laws. The trust corporation must ensure that its powers under the state Act are exercised in a way that does not breach charity law.

Tax legislation. The pooling of moneys may have tax consequences. The Common Fund may be treated as a trust for tax purposes, requiring a separate tax return. The proportionate distribution of income means each beneficiary’s share of fund income must be included in their assessable income. Capital gains on disposal of fund assets are attributed to beneficiaries proportionately. The Act does not provide any tax exemption. The trust corporation should obtain tax advice before establishing a Common Fund.

Corporations Act 2001 (Cth) . Trust corporations are not typically companies under the Corporations Act, but if they are incorporated under that Act (some may be), then the Corporations Act duties may also apply. However, the Anglican Trusts Corporations Act establishes them as statutory bodies, so they are generally exempt from the Corporations Act. The interaction is minimal but should be checked for specific entities.

The Anglican Church of Australia Act 1985 has not been amended since its enactment. The table of amendments in the endnotes states: “There are no amendments made to the Anglican Church of Australia Act 1985 by Acts and subordinate instruments.” This is the version as at 28 February 2023. The Act remains in its original form.

The lack of amendments is notable. It suggests that the powers granted have been considered adequate and have not required fine-tuning. However, it also means that the Act does not reflect subsequent changes in trust law, such as the introduction of the Trustee Act 1958 (which was already in force in 1985, so that is fine), or modern investment practices. The Common Fund provisions, for example, do not contemplate unitisation or daily dealing, which are common in modern pooled funds. The monthly valuation and pricing at the start of the month could be inefficient in a volatile market. But no amendment has been passed to update these mechanisms.

The Act was assented to on 8 October 1985 and commenced on that day. It was a stand-alone Act, not a consolidation. The original Bill was introduced by the government, but the preamble recites that the dioceses agreed to the changes. The Act has not been repealed or superseded.

Practitioners should note that because there are no amendments, the section numbers and wording are exactly as originally enacted. However, the Interpretation of Legislation Act 1984 has since been amended to provide that headings, examples, and notes form part of the Act for Acts passed after 1 January 2001. Since this Act was passed before that date, those provisions only apply to headings inserted after 1 January 2001. No such insertions have occurred.

The Anglican Trusts Corporations Act 1884 itself has been amended several times, including by this Act. But this Act is not part of that series of amendments; it is a separate instrument. The version of this Act available online includes endnotes but no substantive amendments.

The absence of amendment history means there are no transitional provisions or savings clauses to address, except those within the Act itself. For example, the name change provision says the change does not affect prior rights or obligations. That is a substantive provision, not a transitional.

For compliance professionals, the static nature of the Act reduces complexity but also means that the Act may be out of step with contemporary trust law standards. For example, the Act does not address the modern concept of a trustee’s duty to consider environmental, social, or governance factors, or the use of derivatives. The trust corporation must look to the Trustee Act and common law for those.

There is no reported case law directly on the interpretation of the Anglican Church of Australia Act 1985. A search of Victorian and Australian legal databases shows no judgments citing this Act. This is not surprising given the Act’s narrow scope and the fact that it is an enabling statute rather than a regulatory one. Disputes that arise from the exercise of powers granted by the Act may be litigated but typically under trust law principles, not under the Act itself.

For example, if a beneficiary challenges an investment in a Common Fund, the dispute would likely revolve around whether the trust instrument prohibited such investment, and whether the trust corporation breached its fiduciary duties. The Act would be cited as authorising the investment, but the court would examine whether the conditions in section 12A were met. No such case has been reported.

If a name change resolution is challenged, the grounds would be procedural: whether the separate majorities were achieved, whether the bishop’s assent was properly given, or whether the resolution was within the Synod’s power. Again, no reported case.

The Anglican Trusts Corporations Act 1884 has been cited in a few cases, but mostly in the context of property disputes involving church property. Those cases do not typically turn on the 1985 amendments.

The lack of litigation could mean several things: the Act works smoothly, the parties prefer to resolve disputes internally through church courts (which are not state courts), or the financial amounts at stake are not large enough to justify litigation. It could also mean that the powers have been used conservatively, avoiding controversy.

For a deep dive, the absence of litigation history is important. It means there is no judicial guidance on ambiguous terms. For example, the phrase “any purpose of or relating to the diocese” in section 12A(5) could be broad or narrow. Without case law, the trust corporation must interpret it carefully, perhaps with legal advice. Similarly, the phrase “if the moneys are not directed by the terms of the trust to be invested in some other specified manner” could be litigated if a trust instrument says “invest in government bonds” but is silent on common funds. Does that direct a specified manner? Probably yes, but no court has said so.

The Act has never been amended, which reduces the likelihood of transitional disputes. But the lack of amendment also means that any latent ambiguity has never been addressed by Parliament.

For practitioners, the lack of litigation history means there is greater reliance on ordinary principles of statutory interpretation and trust law. It also means that there is little precedent to cite in court. If a dispute arises, the court will have to interpret the Act from scratch, which creates uncertainty.

Common Fund investment may be prohibited without realising it. Many older trust instruments are silent on common funds, which means the trust corporation may assume it can pool the money. But section 12A(2)(b) requires that investment in a Common Fund is not “specifically prohibited by the terms of the trust”. A prohibition could be implied? No, it must be specific. However, if the trust instrument requires that moneys be invested in a particular type of asset (e.g., “in first mortgages”), that direction is “to be invested in some other specified manner”. That would prevent pooling under section 12A(2)(b) as well. The corporation must check each trust instrument. Failure to do so is a breach of trust.

Advances to the diocese create a conflict of interest. The trust corporation is a diocesan body. When it advances money to the diocese, it is lending to its own constituent. There is no requirement in the Act for independent advice or for the interest rate to be at market. The corporation fixes the rate. This could be challenged as self-dealing unless the Act’s express authorisation is deemed to override the fiduciary duty. The better view is that the Act authorises the advance, but the corporation must still act prudently and set a rate that reflects the risk. A low rate could be a breach of duty to the other Common Fund participants.

The Common Fund is not a separate legal entity. It is merely a set of accounts in the books of the trust corporation. This means the corporation itself is liable for any losses or claims. There is no ring-fencing. If the corporation becomes insolvent, the Common Fund assets are part of the corporation’s general assets, although held on trust for beneficiaries. This is normal for a trust, but practitioners may overlook that the Common Fund does not have its own bank account or its own registration.

Monthly valuation may be stale. Additions and withdrawals during a month are priced at the valuation as at the first day of that month. If the market rises sharply mid-month, a contributor who adds money later gets in at the old lower price, diluting gains for existing participants. Conversely, if the market falls, existing participants benefit. This creates a timing incentive. The Act does not require the corporation to adjust for material market movements between valuation dates. This could lead to inequity and disputes.

Name change does not automatically update other registries. The Act provides for change of name with the Registrar-General, but the trust corporation may also need to update its ACNC registration, ASIC if it is a company, bank accounts, land titles, and contracts. The Act says the change does not affect property or rights, but third parties may need to be notified. The corporation cannot rely solely on the Government Gazette notice.

The Act does not address investment income tax withholding. The Common Fund is likely a trust for tax purposes. The corporation must issue beneficiary statements and may need to withhold tax if beneficiaries are non-residents. The Act is silent. Practitioners must look to the Tax Act.

The power to mortgage trust property is broad but may be limited by the trust instrument. The amendment to section 12 adds “mortgaged, charged or otherwise encumbered” to the powers of the trust corporation. However, if the trust instrument specifically prohibits encumbrances, that restriction may still bind the corporation. The Act does not override the terms of the trust. The corporation should check each trust before mortgaging property.

Separate voting requirement for name change is strict. The resolution must have “the concurrence of a majority both of the clergy and the laity, the votes of the clergy and those of the laity being separately taken”. If the votes are not counted separately, or if the bishop’s assent is not obtained, the resolution is invalid. There is no provision for a casting vote or for a joint majority.

No grandfathering for existing Common Funds. The Act does not say what happens if a Common Fund already existed before the 1985 Act. It is possible that some diocesan trust corporations operated pooled funds informally. The Act now gives statutory authority, but that does not necessarily validate prior unauthorised pooling. Any pre-1985 Common Fund should be examined for breach of trust.

The Act does not limit the number of Common Funds. A trust corporation could establish multiple Common Funds, but the Act does not prohibit conflicts or impose diversification requirements. The Synod may give directions, but there is no statutory protection against self-dealing beyond the general trust law.

Advance from Common Fund is a charge on diocese assets, but priority may be uncertain. The charge is created by the Act, but it may need to be registered to be enforceable against third parties. If the diocese later grants a mortgage to a bank, the bank may not have notice of the Common Fund charge. The Act does not require registration of the charge. Practitioners should consider registering a charge on the Personal Property Securities Register or lodging a caveat on land to perfect the security.

There is no single compliance regime because the Act imposes duties on different actors. Compliance is a matter of adhering to the statutory conditions when exercising the powers.

For a Synod considering a name change: Ensure the resolution is passed with separate majorities of clergy and laity. The bishop must give assent. The bishop must then certify the resolution and deliver it to the Registrar-General as soon as possible. The change takes effect upon notification in the Government Gazette. Until then, do not use the new name in transactions. Update all contracts, letterheads, bank accounts, and registrations after the name change takes effect. Do not assume the change automatically updates other records.

For a Synod considering altering lay membership: Pass a resolution amending the Synod constitution. Ensure the amendment is within the power granted by section 13A: it must relate to lay membership. The Synod may provide for election, nomination, appointment, or ex officio members. But the amendment must be consistent with the rest of the Church of England Act 1854. Record the resolution and publish the new constitution.

For a trust corporation establishing a Common Fund: First, obtain a Synod resolution authorising the establishment. Then, before placing any moneys into the fund, review each trust instrument to ensure that (a) the moneys are not directed to be invested in a specified other manner, and (b) investment in a Common Fund is not specifically prohibited. If both conditions are met, the moneys can be pooled. If not, keep them on a separate account. Open separate books of account for the Common Fund showing each trust’s credit balance. Ensure the books can determine the current amount at credit at any time. Decide on an investment strategy, consistent with the Trustee Act and any Synod directions. Set up monthly valuation procedures: on the first day of each month, value investments using stock exchange quotations for listed securities, and for unlisted, use the chairman’s or secretary’s valuation as prima facie evidence. Ensure that additions and withdrawals during a month are priced at that month’s opening valuation. Allocate income proportionately each month. Document all decisions.

For a trust corporation making advances from the Common Fund to the diocese: Only do so if Synod has authorised it (the section says “where the Synod has so authorised” in subsection (2). The advance must be for a purpose of or relating to the diocese. Fix an interest rate that is commercially reasonable; document the basis for the rate. Ensure the advance is recorded as an investment and that a charge on diocesan assets is created. Consider registering the charge on the PPSR or lodging a caveat to protect the fund’s priority. Monitor the diocese’s creditworthiness.

For a trust corporation mortgaging or charging trust property: Ensure the trust instrument does not prohibit encumbrances. Obtain a valuation and legal advice. Ensure the mortgage or charge is in proper form under property law. Register it appropriately. Ensure that the borrowing is for a proper trust purpose and that the corporation is not exposing the trust assets to undue risk. Document the commercial rationale.

For the bishop: When a name change resolution is passed, certify the resolution under your hand and ensure it is delivered to the Registrar-General promptly. Retain a copy of the resolution for diocesan records.

For the Registrar-General: Upon receiving a certified resolution, retain it and register the resolution. Notify the change in the Government Gazette. No further action required.

General record keeping: Maintain minutes of Synod resolutions authorising Common Funds, name changes, or other matters. Keep trust instruments and notes of compliance checks. For the Common Fund, maintain monthly valuations, transaction records, and income distribution calculations. Be prepared to provide statements to beneficiaries on request.

Legal advice: Given the lack of case law and the potential for conflict, trust corporations should obtain independent legal advice before exercising novel powers, especially advances to the diocese and property encumbrances. The Act does not require it, but prudence dictates.

Review trust instruments periodically: As trusts are created or amended, ensure that the trust corporation checks whether the new trust is suitable for pooling or mortgaging. Do not rely on a one-off review.

Tax compliance: Treat the Common Fund as a trust. Obtain an ABN and tax file number. Prepare annual tax returns. Issue beneficiary statements showing income and capital gains. Comply with any withholding obligations.

Audit: The trust corporation’s accounts, including the Common Fund accounts, should be audited annually. The Act does not require an audit, but general trust law and the diocesan constitution may.

By following these steps, the actors can exercise the powers conferred by the Act while minimising the risk of breach of trust or invalidity of resolutions. The key is to respect the conditions in the Act and the terms of the underlying trusts.