Loan Fund.

Waiapu Church Gazette, Volume II, Issue 9, 1 March 1912, Page 134

Loan Fund.

1 . The Waiapu Board of Diocesan Trustees, Incorporated, hereinafter called "The Board," is hereby autho* rised to set aside the capital sum realised from the sale of buildings on the sections under the Hawke's Bay trust lately leased or hereafter to be leased, as a Loan Fund, hereinafter called "The Fund." 2. The Fund shall be applied for the provision of Loans to Parishes or Parochial Districts or Missionary Districts towards the erection, repairing, or enlarging of Churches, Sunday School Rooms, Parish Rooms, Vicarages, or other Church Buildings, or the purchase of sites. 3. The Fund shall be managed by the Board. 4. Every application for a Loan from the Fund shall be submitted by the Churchwardens of the Parish or District to the standing Committee, and the Board shall not grant any Loan except upon the receipt by it of a Resolution of the Standing Committee recommending the same. 5. The amount of any Loan or Loans to any one Parish or District m any one year shall not exceed one hundred pounds sterling. 6. All Loans granted by the Board shall be repaid to the Board together with interest thereon at the rate of three pounds per centum per annum m equal half-yearly payments on the first day of December and on the first day of June m each year so that the whole of the Loan may be paid off m any number of years not exceeding sixteen, m accordance with the schedule hereto annexed. Such halfyearly payments shall be a first charge on the ordinary income .of the Parish or District. 7. It shall be competent for the Board to receive at the end of any half-yearly period a payment on capital account provided that three months' previous notice shall have been given of the intention to make such repayment. 8. (a) Until the original Capital Fund has all been lent, the total sum the Board may grant m Loans m any one year (subject to the provisions of Section 4 hereof) shall be Three Hundred Pounds (£300) and m addition thereto any sums received during any preceding year or years m partial repayment of Loans and interest thereon, (b) After Loans have been granted to the full extent of the original Capital Fund the Board may lend the whole of its net income, arising

from the repayments of principal and interest of Loans already granted or additions to the Funds from any other source, (c) Provided always that m any year the sum total of Loans granted does not reach the amount which is authorised by the foregoing paragraphs a and b ; any surplus available may be lent m any subsequent year. 9. On the granting of any Loan the Churchwardens and Vestry of the Parish or District to which the Loan is granted shall execute an undertaking to the satisfaction of the Board providing for the repayment to the Board of the Loan with interest thereon at the rate set forth m the Schedule hereto m accordance with the term for which the Loan has been granted.