CHAPTER IV.

DENOMINATIONAL TRUSTS.

1. Chartered Fund.

¶ 322. To make further provision for distressed Effective Ministers, for the families of Effective Ministers, for Superannuated and Worn-out Ministers, and for the widows and orphans of Ministers, there shall be a Chartered Fund, to be supported by the voluntary contributions of our friends; the principal stock of which shall be funded under the direction of Trustees chosen by the General Conference, and the interest applied under the direction of the General Conference, according to the following regulations, namely:

§ 1. The Presiding Elders, and the Pastors, shall be collectors and receivers of subscriptions, etc., for this Fund.

§ 2. The money shall, if possible, be conveyed by bills of exchange, or otherwise, through the means of the post, to the General Publishing Agents, who shall pay it to the Trustees of the Fund; otherwise it shall be brought to the ensuing Annual Conference.

§ 3. The interest shall be divided into as many equal parts as there are Annual Conferences, and each Annual Conference shall have authority to draw one of these parts out of the Fund; and if one or more Conferences shall draw out of this Fund in any given year less than one of these parts, then in such case or cases the other

Annual Conferences, held in the same year, shall have authority, if they judge it necessary, to draw out of the Fund such surplus of the interest as has not been applied by the former Conferences; and the Bishops shall bring the necessary information of the state of the interest of the Fund, respecting the year in question, from Conference to Conference.

§ 4. All drafts on the Chartered Fund shall be made on the Treasurer of the said Fund, by order of the Annual Conference, signed by the President and countersigned by the Secretary of the said Conference.

§ 5. The money subscribed for the Chartered Fund may be lodged, on proper securities, in the respective States in which it has been subscribed under the direction of deputies living in such States respectively; provided, such securities and such deputies be proposed as shall be approved of by the Trustees in Philadelphia, and the stock in which it is proposed to lodge the money be sufficiently productive to give satisfaction to the Trustees.

¶ 323. The Board of Trustees shall have power to fill any vacancy or vacancies that may occur in their body by death, resignation, or otherwise, subject, however, to the approval of the first General Conference that may be held after such vacancy or vacancies shall have occurred.

II. Trustees of the Methodist Episcopal Church.

¶ 324. There shall be an incorporated Board of Trustees of the Methodist Episcopal Church, located at Cincinnati, composed of twelve members, divided into two classes of three Ministers and three Laymen each. The term of office shall be eight years. Each General Conference shall elect one class, and fill vacancies caused

by death, resignation, cessation of membership in the Church, or otherwise. Vacancies occurring in the interval of the General Conference shall be filled for the remainder of the quadrennium by the Bishops.

¶ 325. This Board shall hold in trust, for the benefit of the Methodist Episcopal Church, any and all donations, bequests, grants, and funds in trust, etc., that may be given or conveyed to said Board, or to the Methodist Episcopal Church, as such, for any benevolent object, and to administer the said funds, and the proceeds of the same, in accordance with the directions of the donors, and of the interests of the Church contemplated by said donors, under the direction of the General Conference; provided, that any sums thus donated or bequeathed, but not especially designated for any benevolent object, shall be appropriated to the "Permanent Fund;" and provided, also, that the Board shall not be required to accept any gift, bequest, or trust to which may be attached conditions that appear to the Board to be unreasonable, or likely to produce embarrassment; and having accepted in good faith, under the conditions imposed, any gift or bequest in trust for any one or more of the benevolent societies or other institutions under the patronage or direction of the Church, the Board shall be responsible only for the careful and economical administration of the same, and shall not be held to account to the beneficiary or beneficiaries thereof either for the fund or for a continuous income therefrom or interest thereon, beyond what may be secured through fidelity and diligence; and all necessary expenses arising from the care or administration of any trust shall be charged to the same.

¶ 326. When any such donation, bequest, grant, or trust is made to this Board, or to the Church, it shall

be the duty of the Pastor within the bounds of whose Charge it occurs to give an early notice thereof to the Board, which shall proceed without delay to take possession of the same, according to the provisions of its Charter.

¶ 327. The Board shall make a faithful report of its doings, and of the funds and property on hand, to each quadrennial session of the General Conference of the Methodist Episcopal Church.

III. The Permanent Fund.

¶ 328. There shall be a Fund known as "The Permanent Fund," to be held by the Trustees of the Methodist Episcopal Church, the principal of which shall be intact forever, and which shall be invested by said Trustees on first-class securities, and at as favorable rates as can be legally secured.

¶ 329. It shall be the duty of all our Ministers to obtain, as far as practicable, contributions to said Fund, by donations, bequests, and otherwise.

¶ 330. The interest accumulating from said Fund shall be subject to the order of the General Conference for the following purposes: 1. To pay the expenses of the General Conference. 2. To pay the expenses of Delegations appointed by the General Conference to Corresponding Bodies. 3. To make up any deficiencies in the salaries of the Bishops. 4. To relieve the necessities of the Superannuated and Worn-out Ministers, and the widows and children of those who have died in the work.

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