6Application of trust funds

6 Application of trust funds

(1)  Notwithstanding anything in the order or the declarations of trust the company shall, on being required so to do by the governing body of the corporation –

(a) pay to the congregation any money held by the company which forms part of the trust funds; and

(b) realize any investments forming part of the trust funds and pay the proceeds thereof to the congregation after deducting therefrom the costs and expenses incurred by the company in the realization of the investment.

(2)  Any money paid to the congregation under subsection (1) shall not be applied otherwise than for the purposes of the provision, repair, or maintenance of a synagogue, or of any extension, improvement, or other alteration of a synagogue.

(3)  Subject to the provisions of subsection (1) all the rights of the trustees of the congregation to the payment of any interest in respect of the investment of the trust funds, and their duties, obligations, and liabilities in respect of the application of any such interest shall, by virtue of this Act, be transferred to and vest in the congregation.

(4)  Except as is otherwise expressly provided in this section, nothing in this section shall affect the operation of the order or the declarations of trust in relation to so much of the trust funds as have not for the time being been paid or converted in accordance with this section.