• Preamble

  WHEREAS there are now divers and sundry trust funds throughout the Anglican Diocese of Auckland held by divers individual trustees and by the General Trust Board of the Diocese of Auckland upon sundry trusts for special purposes in connection with parishes and churches throughout the Auckland Diocese for religious, educational, or other charitable purposes: And whereas the various trustees thereof are restricted by the instruments creating such trusts or otherwise howsoever by law in investing the trust funds: And whereas it is considered expedient and desirable that the capital of such trust funds shall be invested in investments on a wider basis than heretofor: And whereas many of the separate trust funds aforesaid comprise small amounts of capital which if amalgamated with other trust funds of a like nature could be more readily invested: And whereas within the said Diocese an investment trust board has been set up with wider powers of investment than those conferred upon trustees under and by virtue of the Trustee Act 1956, for the sole purpose of being a trustee to hold and invest in its own name trust funds transferred to it pursuant to the provisions of this Act, and to account for and pay the net income arising from such investments and on request to repay capital to the trustees of the respective funds for administration thereof by such trustees in accordance with the provisions of their respective trust instruments: And whereas the trustees of the various said trusts would be in breach of trust if they were to transfer their trust funds to the said investment trust board for investment unless authorised so to do by this Act:

BE IT THEREFORE ENACTED by the General Assembly of New Zealand in Parliament assembled, and by the authority of the same, as follows: