NELSON CHURCH ENDOWMENT FUNDS.

Nelson Examiner and New Zealand Chronicle, Volume XIV, Issue 55, 6 October 1855, Page 3

NELSON CHURCH ENDOWMENT FUNDS.

Wo give below the Order of the Court of Chancery in England, upon a petition presented by the Bishop of New Zealand and the trustees in whose names the New Zealand Church Endowment Trust Funds (comprising the funds paid over by tho New Zealand Company in June, 1812, on behalf of the settlement of Nelson, out of tho contribution for religious purposes made under the terms of settlement) were inI vcstccl. The petition simply states tlio manner in which tho investment was originally made j that the trustees were desirous of retiring ; and prays that the Incorporated Society for the Propagation of the Go3pel in Foreign Parts should bo appointed new trustees. The order of the Court, as will be observed, expressly directs that the funds are to be held by the new trustees " upon such, trusts as the same arc now subject to." This is important. By the New Zealand Company's Settlements Act, the trustees appointed to administer the Nelson Trust Funds were left the most complete discretion as to the application of theso funds, restricted only, in fact, to tho original objects of tho trust ; and wo may suppose that the Local Legislature, in any enactment providing for the incorporation of the members of tho Protestant Episcopalian Church, and tho management of tho Church Funds, will not seek to fetter the trustees in their action, further than by requiring them to apply tho funds to tho original purposes of tho trust generally.

" Order. " Saturday, tho 17th day of February, in the 18th year of the reign of her Majesty Queen Victoria, 1555. " In the matter of tho Act of tho 52nd Gco. 111., cap. 101, intituled 'An Act to provide a summary remedy in cases of abuses of trusts created for chai'itable purposes, and of Iho Trustee Act, 1850, and of tho New Zealand Church Endowment Trust.'

" Upon the petition of the Eight ITonourablc William, Earl of Devon, the Venerablo William Hale Ilale, Archdeacon of London, the Eight Reverend Samuel, Lord Bishop of Norwich, and tho Eight Reverend George Augustus, Lord Bishop of I*l ew Zealand, on the 10th day of February, 1855, preferred unto the Eight Honourable the Lord High Chancellor of Great Britain ; and upon hearing counsel for ihe petitioners and £or her Majesty's AttorneyGeneral, and upon reading the said petition, and it appearing that it is expedient to appoint new trustees of the £16,335 16s. lid. reduced annuities standing in the names of the petitioners, tho Eight Honourable William, Earl of Devon, the Venerable William Hale Hale, Archdeacon of London, and tho Eight Reverend Samuel, Lord Bishop of Norwich, and that it ia impracticable to do so without the sanction of this Court : This Court doth order that the Incorporated Society for tho Propagation of tho Gospel in Foreign Pavi-o l>> appointed trustees of the said sum of £16,335 165. lid., reduced annuities, in the placo of the petitioners, the | Right Honourable) William, Earl of Devon, tho Vcnorablo William Halo Hale, Archdeacon of London, and the Eight Reverend Samuel, Lord Bishop of Norwich : And it is ordered that the petitioners, the Eight Honourable William, Earl of Devon, the Venerable William Hale Hale, and tho Eight Reverend Samuel, Lord Bishop of Norwich do transfer the said annuities into tho name of the said Incorporated Society for tho Propagation of tho Gospel in Foreign Parts, to be held by them and their successors upon such trust* as the same is now subject to : And it is ordered tbat the Eight Reverend George Augustus, Lord Bishop of New Zealand, do pay to tho petitioners and the Attorney-General their costs of this application and consequent thereon, to be taxed by the proper Taxing Master of this Court, in case tho parties differ about tho same." Tho following is tho proposed plan for tho management of the Church Endowment Fund : — Plan proposed for the M.utagemext oi? the j Ciivncn JZxDOvnirxT Fp^p, in the Mettle- •, mekt of Nelson. ] I. Amount of Fund. Grant of New Zea- ) SlOfkf tliree per cent. land Company . £0,000 f R| d AHnnuititß|A H nnuititB| Grant of Propaga- f £xaM% 2i^\ tion Society. . £5,01)0 ) £10 ' 8/<J 2u - ' 11. Transfer of Trust. The Bishop has obtained o decree of the Court of Chancery, transferring the fund to the Incorporated Society (or the Propagation of the Gospel, and re> cognizing the original condition of the trust, that the fund should be invested in landed security in the settlement to which it belongs. The profession^ assistance required was given gratuitously by C. J. Selwyu, Etq., and all the fees were also paid by him, so that the fund, after paying to the Church account of the settlement of Nelson every shilling of interest for t hit teen jears, without any charge for agency or commission, is stiil unimpaired, and ready to be transferred into landed securities in the Colony. 111. Objects to be kept in view. 1. — That the fund is available for permanent endowment only ; that is to say, that no part of the principal sum tan be alienated, by being converted to present uses of any kind ; but that the interest of the fund only may be annually applied. 2. — That the fund is available towards the endowment of a Bishopric, as well as the maintenance of Parochial Clergy ; as being the primary, though not the exclusive object of the trust.

3. — That the mode adopted for the distribution of the annual income must provide not only for the parishes and hamlets now existing in the Province of Nelson, but also for those which shall be hereaiter formed.

4. — That in consideration of the fundamental principle upon which the Trust Fund was given, namely, " to constitute a permanent and local property, continually increasing in value with the progress of colonization," this meeting is of opiniou that this purpose will be most effectually earned out by the purchase of land, though the terms of the trust do not preclude investment by mortgage upon landed property.

IV. Plan proposed. 1. — That a certain portion of the income of the Endowment Fund be made immediately available for parochial endowments, on the condition of the inha> bitants of any district, formed into a parish, contributing a sum proportionate to the graut which they receive from the fund.

2. — That every parish so formed shall nominate one trustee to a general Endowment Board, of which the Bishop, or in his absence, the Archdeacon or Senior Clergyman, shall be chairman ex officio. 3.— That it shall be the duty ot the Endowment Board to lay out to the best advantage on landed security all the sums paid into their hands for uermanent endowment.

4. — The improved value of the property held by the truat, subject to the payments to which the parishes are respectively entitled, to be available at the discretion of the board, for the formation of new parishes upon a similar plai>, viz., by grants of money to meet local contributions.

5. — The board to huvc authority to withhold the annual payment clue to any parish, and to allow it to accumulate, if it thould be insufficient for the oiain-

tenance of a clergyman upon the scale of income fixed by the Diocesan Convention.

6. — That nil the above resolutions and arrangements shall be subject to revision and alteration, by authority of a legally-constituted Diocesan Convention. G. A. New Zealand.