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HISTORICAL DOCUMENTS | LAWS OF 1943

STATUTE AUTHORIZING ESTABLISHMENT OF
DIOCESAN INVESTMENT TRUST OF THE DIOCESE OF NEW YORK


Laws of 1943, Chapter 444

As Amended by Laws of 1945, chapter 689 and Laws of 1953, Chapter 28

AN ACT to authorize the establishment of the Diocesan Investment Trust of the Diocese of New York by the trustees of the estate and property of the Diocesan Convention of New York, a corporation created pursuant to chapter one hundred ten of the laws of eighteen hundred seventy-six, for various investment purposes and prescribing powers and duties relating thereto, and authorizing such trustees to employ such officers and agents as are deemed necessary and fix the compensation therefor.

Became a law April 13, 1943, with the approval of the Governor. Passed, three-fifths being present.

The People of the State of New York, represented in Senate and Assembly, do enact as follows:

Section 1. The trustees of the estate and property of the Diocesan Convention of New York, a corporation created pursuant to chapter one hundred ten of the laws of eighteen hundred seventy-six, may establish one or more common trust funds for the purpose of furnishing investments to itself and to any church, parish, congregation, society, chapel, mission, religious, benevolent, charitable or educational institution of the Protestant Episcopal Church carrying on its activities wholly or partly in the diocese of New York or any organization or corporation holding funds for the benefit of any of the foregoing or for promoting any of the purposes for which any of the foregoing were formed or for the purpose of supporting a bishop, religious pastor or teacher or any building or buildings used by any of the foregoing, whether holding such funds as fiduciary or otherwise. Notwithstanding the provisions of any general or special law in any way limiting the right of said trustees of the estate and property of the Diocesan Convention of New York or any of said churches, organizations or corporations, as fiduciary or otherwise, to invest funds held by them, it shall be lawful for said trustees of the estate and property of the Diocesan Convention of New York and for any of said churches, orgnaizations or corporations, as fiduciary or otherwise, to invest any or all of their funds, including all monies or property received by any such church, organization or corporation having charge and control of a cemetery, whether by contract, in trust or otherwise, for the perpetual care and maintenance of any lot, plot or part thereof in said cemetery, in shares or interests of such common trust fund or funds, provided that in the case of funds held as fiduciary, such investment is not prohibited by the wording of the will, deed or other instrument creating such fiduciary relationship.

Sec. 2. Said common trust fund shall be designated the "Diocesan Investment Trust of the Diocese of New York."

Sec. 3. Such trustees are authorized to retain in their absolute discretion and for such period as to them shall seem advisable, any and all investments and other properties which may be turned over to them by any parish, mission or organization, as defined in this act. Such trustees are also authorized to change investments and properties and to invest and reinvest all or any part of the fund in such securities, investments, or other property as to them shall seem advisable without being restricted to those classes of securities which are lawful for the investment of trust funds under the laws of this state.

Sec. 4. Such trustees shall receive no compensation for their services, but shall be reimbursed from the trust estate for all their expenses and disbursements. They may employ such officers or agents as they think best, define their duties, and fix their compensation. The trustees may also appoint a trust company, national bank or private banker as custodian of the trust estate and may employ an investment advisor or advisors, define their duties, and fix their compensation.

Sec. 5. Such trustees shall pay ratably among the holders of shares then outstanding quarterly dividends which shall approximately equal in each fiscal year the net income of the trust.

Sec. 6. This act shall take effect immediately.

STATE OF NEW YORK, } } ss.: Department of State }

I have compared the preceding with the original law on file in this office, and do hereby certify that the same is a correct transcript therefrom and of the whole of said original law.

Thomas J. Curran,
Secretary of State.

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