21BBlending of trust funds

21B Blending of trust funds

21B Blending of trust funds

(1) If the Trustees hold money on trust for different trusts, including different purposes or activities of the Church, it is lawful for the Trustees from time to time to invest the money or any part or parts of the money as one fund and to distribute income arising from the investment rateably among the several trusts for which the money so invested is held and any loss arising from the investment shall likewise be borne rateably.

(2) The Trustees may make advances out of the money referred to in subsection (1) for any activity, service, institution or interest of the Church.

(3) Any sum advanced under subsection (2) shall be deemed an investment of the money and shall bear interest at a rate fixed by the Trustees and the sum advanced and the interest thereon shall be deemed to be a charge on all assets which are held by the Trustees for the relevant activity, service, institution or interest of the Church in respect of which the advance is made.

s 21B: Ins 1987 No 256, sec 2.