25/Oct/2002 - Current (at 31 Dec 2005)
Notify me when this title changes.
Full Act - PDF
Copyright

    6. Contributions to sinking fund

    (1) Every congregation, mission, or institution shall make an annual contribution to the sinking fund, in accordance with the following provisions:

    (a) Where the amount of a mortgage or other liability exceeds 25%, and is not more than 50% of the realisable value of the land, buildings, or other property secured by such mortgage or other liability, an annual contribution of 1% on half the realisable value of such property, or 1% on the amount of such mortgage or other liability, whichever is the greater, shall be made to the sinking fund.

    (b) Where the amount of a mortgage or other liability secured on the land, buildings, or other property is 25% or less than 25% of the realisable value of such property, an annual contribution of 1% on the amount of such mortgage or other liability, plus 1% of 25% or more of the realisable value of the property, subject to mortgage or other liability, shall be made to the sinking fund.

    (c) Where the lands, buildings, or other property of a congregation, mission, or institution (excluding any mission or institution that has been separately incorporated as provided in section 21 of the Presbyterian Church Act 1908) are free from encumbrances, an annual contribution of 1% of half the realisable value of such property shall be made to the sinking fund:

    Provided that where a congregation, mission, or institution is paying off to the satisfaction of the Commissioners a liability, the amount of which exceeds 50% of the realisable value of the property secured or otherwise subject to such liability, such congregation, mission, or institution shall not be required to make an annual contribution to the sinking fund until the amount of the liability has been reduced to 50% of the realisable value of the property subject to or secured by such liability.

    (2) All sinking fund contributions assessed on the amount of a mortgage or other liability of a congregation, mission, or institution, shall be applied by the Commissioners in reduction of the mortgage or liability of the said congregation, mission, or institution, or may be invested by the Commissioner at compound interest with a view to accumulating a fund to pay off such liability at maturity, or to discharge such liability when the sinking fund, plus interest, is sufficient for such purpose; but no contribution to the sinking fund, assessed on the realisable value of the property of any congregation, mission, or institution shall be used for paying off the liability on the property of any other congregation, mission, or institution without the sanction of the General Assembly having been first obtained.

    (3) Voluntary contributions made by the members and adherents or friends of the Church to the sinking fund shall be applied, as may be directed by the contributors, or as the Commissioners may direct.

    (4) Realisable value means such value as may be agreed upon between the Commissioners and board of management, council or committee of any church, mission, or institution, or, in the event of any dispute as to such value, then the realisable value shall be fixed by an arbitrator appointed by the General Assembly.

    [Section 6 amended by No. 19 of 1964 s. 11.]



Note: This is not an authorised version. The only authorised version is the hardcopy (printed) version published under authority of the Government Printer, available from the State Law Publisher, 10 William St Perth W.A. 6000.