Bill S-25
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S-25
First Session, Thirty-eighth Parliament,
53-54 Elizabeth II, 2004-2005
SENATE OF CANADA
BILL S-25
An Act to amend the Act of incorporation of The General Synod of the Anglican Church of Canada
first reading, February 10, 2005
THE HONOURABLE SENATOR ROMPKEY, P.C.
0409
SUMMARY
This enactment broadens the Corporation’s investment powers as it amends the Act of incorporation of the General Synod of the Anglican Church of Canada, being chapter 82 of the Statutes of Canada, 1921, as amended by chapter 35 of the Statutes of Canada, 1951 (second session) by replacing section 6A of the Act incorporating The General Synod of the Church of England in Canada, the name of which was changed to The General Synod of the Anglican Church of Canada by chapter 57 of the Statutes of Canada, 1956. The current section 6A restricts the securities in which the General Synod may invest its funds, including trust funds.
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1st Session, 38th Parliament,
53-54 Elizabeth II, 2004-2005
senate of canada
BILL S-25
An Act to amend the Act of incorporation of The General Synod of the Anglican Church of Canada
1921, c. 82
1951 (2nd),
c. 35
1956, c. 57
WHEREAS The General Synod of the Anglican Church of Canada has by its petition prayed that its Act of incorporation, being chapter 82 of the Statutes of Canada, 1921, as amended by chapter 35 of the Statutes of Canada, 1951 (second session), be amended to effect certain changes to its investment powers.
AND WHEREAS it is expedient to grant the prayer of the petition;
NOW, THEREFORE, Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows:
1. Section 6A of An Act to incorporate The General Synod of the Anglican Church of Canada, chapter 82 of the Statutes of Canada, 1921, as amended by chapter 35 of the Statutes of Canada, 1951 (second session), is replaced by the following:
6A. The Synod may also invest and reinvest any of its funds, including any funds held in trust, in such investments as the Synod considers advisable.
Published under authority of the Senate of Canada
Explanatory Notes
Clause 1: Existing text of section 6A:
6A. The Synod may also invest and reinvest any of its funds, including any funds held in trust –
(a) in any bonds or debentures of any municipality or public school corporation or district in Canada, or in securities of or guaranteed by the Government of Canada or of any province thereof;
(b) in first mortgages on freehold property in Canada and for the purposes of the same may take mortgages or assignments thereof whether such mortgages or assignments be made directly to the Synod in its own corporate name or to some company or person in trust for it, and may sell and assign the same; and
(c) in any securities in which life insurance companies are authorized from time to time by the Parliament of Canada to invest funds, subject to the limitation on investments in stocks, bonds and debentures set out in the Canadian and British Insurance Companies Act, 1932.