Canons of the Episcopal Diocese of New Jersey:
SECTION 1. For the purpose of this Canon, the Diocese shall be divided, as the Bishop shall direct, into not less than four Districts, which shall be geographically contiguous. In each such District (whenever three-fifths of the clergy canonically resident in the Diocese, and in pastoral charge of a Parish or Mission Station in the said District, shall so desire, and signify the same to the Bishop), a Convocational Organization shall be established.
SECTION 2. The purpose of the organization of a Convocation shall be for mutual assistance, for conference, and for consideration of and cooperative action upon matters in the Diocese by the Parishes and Missions of the Convocations. Programmed activities shall be subject to the approval of the Bishop and may include all phases of Missionary activity and interest within the Convocation, youth training, education, teachers and leaders training, surveys, and recommendations for vestry coordination, and such other matters as may be recommended by the Bishop.
SECTION 3. Convocations shall be composed of all the Parishes and Missions within their respective boundaries, together with the clergy exercising their ministry therein, and the lay communicants of the said churches and organized missions. Every communicant of each Parish and Mission shall have a seat and voice at the meetings of the Convocation. Only official representatives shall have a vote. All priests and deacons exercising their ministries within the Convocation shall be entitled to one vote each and each Parish shall be represented by six deputies who shall be elected at the annual meeting of said Parish, Mission or parochial chapel. Certification of election of deputies shall be filed with the Secretary of the Convocation not later than fourteen days after such annual meeting.
SECTION 4. There shall be an annual meeting of each Convocation which shall be held at a date in the month of October or November in each year as may be determined by each Convocation and there shall be at least one meeting in the Spring of each year but the Convocation may meet at such other times for special business.
SECTION 5. There shall be a presiding officer known as the Dean of the
Convocation who shall be a presbyter canonically resident in the Diocese of New Jersey and in pastoral charge of a Parish or Mission within the Convocation. There shall be a Secretary who may be a lay member of the Convocation. Both the Dean of the Convocation and the Secretary shall hold office for a term of three years. Deans may not succeed themselves more than once. The Secretary shall be
known as the Secretary of the Convocation, and shall exercise the usual duties of a Secretary and such other duties as may be delegated to the Secretary by the
SECTION 6. The Dean and the Secretary shall be elected by the Convocation at the time of its annual meeting. The Dean and the Secretary shall be nominated by a Nominating Committee appointed by the Dean and consisting of three presbyters and three lay delegates of the Convocation. The election of the Dean shall be submitted to the Bishop for the Bishop’s approval.
SECTION 7. Each Convocation shall have an Executive Committee appointed by the Dean of the Convocation which shall consist of the Dean, the Secretary and three other official members of the Convocation. The said Executive Committee shall plan a program for each meeting and set forth the nature of such program in the call for the meeting issued to each Parish and Mission at least two weeks prior to the date of the ensuing meeting.
SECTION 8. Every Parish or Mission represented at the Convocation by either clerical or lay members, shall pay to the Secretary of the Convocation the sum of five dollars ($5.00) annually at the meeting held in the Spring of the year, to cover the essential expenses of postage, etc., involved in the work of calling meetings, etc. There shall be no other official or required expenses.
SECTION 9. The Bishop of the Diocese shall be considered a member of each and every Convocational organization, and shall be entitled to a voice and a vote on all matters coming before the Convocation.
SECTION 10. The Deans of the several Convocations, meeting under the chairmanship of the Bishop of the Diocese, shall constitute a Convocation Committee for the purpose of coordinating the work of the Convocation, programs, and other matters not distinctly local to each Convocation. All questions which are of only local interest shall be determined by the Convocation at one of its regular or special meetings.
SECTION 11. Upon the resignation, death or transfer from the Diocese of any Dean of a Convocation the Bishop shall convene the Convocation within a period of three months for the purpose of electing a successor to fill the unexpired term.
See also: Canon 5, Section 3 — Election of Nominating Committee
Commission on Ministry
SECTION 1. The Commission on Ministry of the Diocese shall consist of the six persons who are the co-chairs of the following three standing committees of the Commission: the Committee on Lifelong Christian Formation, the Committee on the Diaconate, and the Committee on the Priesthood. The Commission shall include at least one priest, one deacon, and one lay person. The Ecclesiastical Authority shall appoint a chair of the Commission from among its members, who shall serve at the pleasure of the Ecclesiastical Authority. The Commission shall perform such functions as provided under Title III of the Canons of the Episcopal Church, and such duties as may be assigned to it. With the consent of the Ecclesiastical Authority, the Commission may establish additional committees with such membership as it may direct and may delegate any of its duties to its standing committees or to any such other committees. The Commission shall organize itself and establish such rules of order, subject to the approval of the Ecclesiastical Authority, as it finds necessary to conduct its assigned duties, provided that such rules are not inconsistent with the Constitutions and Canons of the Episcopal Church or this Diocese.
SECTION 2. The Committee on Lifelong Christian Formation shall be made up of ten persons, consisting of a reasonable balance of lay persons, deacons, and presbyters, who shall be appointed by the Ecclesiastical Authority at the annual Convention for renewable 3-year terms. The Ecclesiastical Authority may appoint additional members for one-year terms for specified projects and shall in addition appoint two Co-Chairs of the Committee, who shall serve at the pleasure of the Ecclesiastical Authority.
SECTION 3. The Committee on the Diaconate shall be made up of twelve persons, consisting of a reasonable balance of lay persons, deacons, and presbyters, who shall be appointed by the Ecclesiastical Authority at the annual Convention. There shall be four classes of persons each serving a four-year term, with three persons appointed in each year. The Ecclesiastical Authority shall in addition appoint two Co-Chairs of the Committee, who shall serve at the pleasure of the Ecclesiastical Authority.
SECTION 4. The Committee on the Priesthood shall be made up of twenty persons, consisting of a reasonable balance of lay persons and members of the clergy, who shall be appointed by the Ecclesiastical Authority at the annual Convention. There shall be four classes of persons each serving a four-year term, with five persons appointed in each year. The Ecclesiastical Authority shall in addition appoint two Co-Chairs of the Committee, who shall serve at the pleasure of the Ecclesiastical Authority.
SECTION 5. The Ecclesiastical Authority may fill any vacancy on the Commission or any of its committees. The Ecclesiastical Authority may in addition appoint liaisons to the Commission and to any of its committees, with such duties as the Ecclesiastical Authority may designate.
SECTION 6. Each committee of the Commission shall organize itself and establish such rules of order, subject to the approval of the Ecclesiastical Authority, as it finds necessary to conduct its assigned duties, provided that such rules are not inconsistent with the Constitutions and Canons of the Episcopal Church or this Diocese. Each committee of the Commission may appoint subcommittees from among its members, with such duties as the committee may establish.
Committee on Constitution and Canons
The Committee on Constitution and Canons shall be a standing committee of the Diocese. The Committee shall consist of five persons (not less than two of whom shall be clergy and not less than two of whom shall be lay persons) who shall, by reason of their membership, be entitled to a seat and voice in the Convention. The members of the committee shall be elected to serve for three-year terms each, or until their successors are chosen. At the first election to be held after the adoption of this amendment the Convention shall elect one clerical and one lay member for a term of three-years, one clerical and one lay member for a term of two years, and one member for a term of one year. Vacancies occurring during the recess of the Convention may be filled by the Ecclesiastical Authority until the next annual meeting of Convention.
See also: Canon 75 — New Canons and Amendments
Commission on Clerical Compensation
SECTION 1. There shall be elected at the Diocesan Convention a Standing Commission on Clerical Compensation, consisting of six clergy and who are communicants of Congregations in the Diocese. Two clerical and two lay members shall be elected each year for three-year terms. Vacancies on the Commission may be filled by the remaining members until the next annual meeting of the Convention when a member shall be elected by the Convention to fill the unexpired term.
SECTION 2. The Commission shall serve as a source of advice and counsel to all Parishes and employers of clergy in the Diocese, and shall make recommendations on clerical salaries, allowances, housing, and other compensations and benefits as within its discretion it sees fit.
SECTION 3. The Commission, upon request, shall receive appeals on matters of disagreement concerning clerical remuneration, and shall serve as advisor in such matters.
SECTION 4. The Commission shall have authority to gather information on all aspects of clergy compensation from clergy, Parish vestries, and employers of clergy in the Diocese. It shall make recommendations on standards and guidelines for clergy compensation to be considered by Convention, and shall report to Convention on the compliance with existing standards.
SECTION 5. The Commission shall review each year that portion of the annual reports of the Parishes and Missions of the Diocese dealing with clergy compensation. It shall have the right to initiate conversations with any Parish vestry or employer of clergy in the Diocese, when, in the Bishop’s discretion, this is deemed advisable.
SECTION 6. The Commission shall report annually to the Convention.
See also: Canon 74 — Minimum Compensation for Clergy
Commission on Church Architecture
SECTION 1. There shall be a Commission on Church Architecture, which shall consist of the Bishop together with two members of the clergy and two lay persons appointed annually by the Bishop.
SECTION 2. It shall be the duty of every Mission or Parish receiving aid from the Diocese to lay before this Commission the preliminary sketches of any new church, chapel, parish house or rectory, or of essential changes in any existing buildings; and no such work or erection or change shall be undertaken until the plans have received the approval of the Commission.
SECTION 3. It shall be the privilege of every Parish to lay before this Commission the preliminary sketches of any new church, chapel, parish house or rectory, for their counsel and advice, which counsel and advice shall be given in writing within one calendar month after the receipt of the sketches.
SECTION 4. It shall be the duty of the Commission, when requested by any Parish or Mission, to give counsel and advice in regard to the furnishings and pictured windows of any church or chapel.
Church Pension Fund
SECTION 1. In conformity with the legislation adopted by the General Convention of 1913, pursuant to which The Church Pension Fund was duly incorporated, and in conformity with the Canon of the Episcopal Church, “Of The Church Pension Fund,” as heretofore amended and as it may hereafter be amended, the Diocese of New Jersey hereby accepts and acknowledges The Church Pension Fund, a corporation created by Chapter 97 of the Laws of 1914 of the State of New York as subsequently amended, as the authorized and approved pension system for the clergy of the Protestant Episcopal Church in the United States of America and for their dependents, and declares its intention of supporting said Fund in accordance with its Rules. In conformity with Resolution #D165a adopted by the General Convention in 1991, the Diocese of New Jersey hereby acknowledges and accepts the provisions made therein regarding retirement benefits for eligible lay employees through participation in the Episcopal Church Lay Employees Retirement Plan or in an equivalent plan.
SECTION 2. The Bishop of this Diocese shall appoint, annually, upon the opening of the Convention, a Committee of The Church Pension Fund to consist of two presbyters and two lay persons, for a term of one year and until their successors shall have been appointed or qualified, and the Bishop may from time to time fill by appointment any vacancies in said Committee caused by resignation, death or inability to act.
SECTION 3. The duties of said Committee shall be as follows:
a. To be informed of, and to inform the clergy and laity of this Diocese of, the pension system created by the General Convention and committed by it to the Trustees of The Church Pension Fund, in order that the ordained clergy and eligible lay employees of the Church may be assured of pension protection for themselves in the event of old age or total and permanent disability and for their widows and minor orphan children in the event of death.
b. To receive reports from The Church Pension Fund, from time to time, on the status of the pension assessments payable to said Fund, under its Rules and as required by Canon Law, by this Diocese and by the Parishes, Missions and other ecclesiastical organizations within this Diocese.
c. To make an annual report to the Convention of this Diocese on such matters relating to The Church Pension Fund as may be of interest to the said Convention.
d. To cooperate with The Church Pension Fund in doing all things necessary or advisable in the premises to the end that the clergy and eligible lay employees of this Diocese may be assured of the fullest pension protection by said Fund under its established Rules.
SECTION 4. It shall be the duty of this Diocese, and of the Parishes, Missions and other ecclesiastical organizations therein, each through its treasurer or other proper official, to inform The Church Pension Fund of salaries and other compensation paid to clergy and eligible lay employees by said Diocese, Parishes, Missions and other ecclesiastical organizations for services rendered, currently or in the past, prior to their becoming beneficiaries of said Fund, and changes in such salaries and other compensation as they occur; and to pay promptly at the source to The Church Pension Fund the pension assessments required thereon under the Canon of the Episcopal Church and in accordance with the Rules of said Fund. The Diocese is to pay to The Church Pension Fund the Pension Fund premiums of those employees directly employed by the Diocese.
SECTION 5. It shall be the duty of all clergy canonically resident in or serving in this Diocese, and of all eligible lay employees serving in this Diocese, to inform The Church Pension Fund promptly of such facts, as dates of birth, or ordination or reception, of marriage, births of children, deaths, and changes in cures or salaries, as may be necessary for its proper administration and to cooperate with said Fund in such other ways as may be necessary in order that said Fund may discharge it obligations in accordance with the intention of the General Convention in respect thereto.
Life Insurance, Dental, and Medical Benefits
SECTION 1.SECTION 1. The Ecclesiastical Authority, acting with the advice and consent of the Standing Committee, shall appoint a Benefits Committee of no fewer than seven members. The Benefits Committee shall include both clergy and lay members who shall serve for one-year terms and may be reappointed. Vacancies shall be filled by the Ecclesiastical Authority with the advice and consent of the Standing Committee. The Ecclesiastical Authority may appoint members of the Diocesan staff to serve as resource persons for the Benefits Committee.
SECTION 2. The Benefits Committee shall review annually the coverage terms and premium costs of the benefit programs established in Sections 3 and 4 of this Canon. It shall report annually to the Diocesan Convention its findings and recommendations on pertinent matters affecting these programs. The plan providers and overall level of benefits of these programs shall not be changed without the approval of the Convention. Between meetings of the Convention, in the case of urgent need, or when specifically authorized by Convention to act in its stead, the Benefits Committee may approve changes in the benefit programs as it deems necessary.
The Benefits Committee may, with the consent of the Diocesan Council, engage professional consultants to assist it with its work. Provision for the expense of such consultants shall be made in the Diocesan Budget.
The Benefits Committee shall advise the Chief Financial Officer of the Diocese in matters pertaining to the administration of the benefits programs, including standards of eligibility for participation in the plans. Eligibility shall be defined under the Retired Clergy and Lay Health Insurance Benefits Policies established by the Benefits Committee and reviewed annually as set forth in the first paragraph of this Section.
The Benefits Committee, with the help of Diocesan staff, shall provide an educational program, offered on an annual basis, to provide information on the eligibility and coverage provisions of the benefits programs.
SECTION 3: There shall be maintained within the Diocese programs for the purpose of providing life insurance, medical, and dental benefits for eligible actively employed (at least 1,000 hours per year) clergy and lay employees in the Diocese. The medical and dental benefits will also be available for the eligible dependents of those clergy and lay employees.
(a) The life insurance coverage must be provided to eligible actively employed clergy, and the employing congregation must pay the minimum percentage (as established from time to time by the Convention) of the premium cost for that coverage. Life insurance may, at the option of the employing congregation, be provided to eligible lay employees. If coverage is provided to eligible lay employees, it must be offered on a basis that is nondiscriminatory, and the employing congregation must pay the same percentage (as established by the Convention) of the premium cost for that coverage.
(b) Dental benefits must be offered to eligible actively employed clergy, and the employing congregation must pay the minimum percentage (as established from time to time by the Convention) of the premium cost for both employee and dependent coverage. Dental benefits may, at the option of the employing congregation, be offered to eligible lay employees. If coverage is offered to eligible lay employees, it must be offered on a basis that is non-discriminatory and the employing congregation must pay at least the minimum employer premium payment amount established by the insurance company or benefit provider underwriting the dental plan, or a higher percentage as established from time to time by the Convention.
(c) Medical benefits must be offered to eligible actively employed clergy and lay employees, and the employing congregation must pay those working at least 1,500 hours per year a percentage of the premium cost for both employees and dependents set forth in the following subsections of this Section 3(c). There is no employer premium payment requirement for clergy and lay employees who work at least 1,000 but fewer than 1,500 hours per year; however, if premium payments are provided, parity between clergy and lay employees must be maintained.
(1) The employing congregation must pay the minimum percentage (as established from time to time by the Convention) of the premium cost for the traditional (non-high-deductible) medical plan that is selected by the rector, vicar, priest in charge, or interim of the congregation to cover such member of the clergy and his or her eligible dependents.
(2) If any lay employee or assistant clergy elect to participate in a health plan that has a higher premium cost than that of the plan selected by the rector, vicar, priest in charge, or interim, then the congregation may require that such employee pay the additional premium cost for such plan.
(3) If the rector, vicar, priest in charge, or interim of a congregation elects not to participate in a church health-care plan due to having health-care coverage through another source, as allowable under the Denominational Health Plan, the congregation shall pay the percentage (as established from time to time by the Convention) of the premium cost for the lowest-priced traditional plan available for all lay employees and assistant clergy of the congregation.
(4) If the rector, vicar priest in charge, or interim of a congregation elects to participate in a high-deductible health plan option, and the congregation elects to make a contribution to a health savings account of that rector, vicar, priest in charge, or interim, then parity applies, and the congregation must also make an equivalent contribution to a health savings account for each assistant clergy and lay employee who participates in a high-deductible health plan option.
(d) For purposes of this Section, “employing congregation” shall be deemed to include the Diocese of New Jersey and Collegiate Chapels. Where an eligible employee has more than one eligible employer, the employers may apportion payments based on hours worked. An employing congregation may elect to pay more than the diocesan minimum percentages of premiums, provided that all clergy and lay employees are treated equally.
SECTION 4: There shall be maintained within the Diocese a program for the purpose of providing medical benefits in addition to Medicare for the eligible retired clergy and lay Diocesan staff and their qualified spouses, widows, and widowers. The Diocese will pay 100% of the premium cost for this coverage if the clergy or lay person’s employment in this Diocese commenced prior to January 1, 1991. If the eligible person’s employment in this Diocese commenced on or after January 1, 1991, the Diocese will pay a percentage based upon years of employment within the Diocese in accordance with the following schedule:
|Years Employed within the Diocese||Percent of Premium
Paid by Diocese
|Percent of Premium
Paid by Individual
|20 or more||100%||0%|
|15 – 20||75%||25%|
|10 – 15||50%||50%|
|5 – 10||25%||75%|
|Less than 5||0%||100%|
No person employed within or retired from the Diocese shall have his or her existing benefits adversely affected by any future amendments to the Section.
Diocesan Investment Trust
SECTION 1. There shall be established in the Diocese, in the manner hereinafter provided, a common trust fund for the purpose of furnishing investments to the Convention and to the Trustees, incorporated or unincorporated, holding funds for the benefit of the Missionary, religious, benevolent, charitable or educational purposes of the Diocese, and to any Diocesan Congregation, whether said funds are held as fiduciary or otherwise.
SECTION 2. Said common trust fund shall be designated “DIOCESAN INVESTMENT TRUST OF THE DIOCESE OF NEW JERSEY” (hereinafter referred to as “Diocesan Investment Trust”), and shall be under the management and control of a Board of Trustees consisting of the Bishop of the Diocese and eight other Trustees, four of whom shall be elected by the Convention and four of whom shall be elected by a majority vote of the Board of Trustees. The eight Trustees so elected shall hold office for the term of four years and until their respective successors have been elected; provided, however, that there shall be four classes of elected members with two members being elected each year. The Trustee elected by the Convention shall be communicants of the Church and resident in the Diocese. Any vacancy occasioned by death, resignation, physical disability or removal from the Diocese in the case of trustees elected by the Convention may be filled by the Board of Trustees, until the next meeting of the Convention. Any vacancy occasioned my death, resignation or physical disability of the other trustees may be filled for the unexpired term by the said Board of Trustees.
SECTION 3. The Bishop and the Trustees first elected by the Convention as herein provided shall be incorporated under the laws of the State of New Jersey authorizing the establishment of such common trust fund.
SECTION 4. The Trustees elected as provided by Section 2 shall be the Board of Trustees of the corporation. The Bishop of the Diocese shall be ex officio president of said Board of Trustees.
SECTION 5. The Board of Trustees shall have the power to make by laws providing for the election and appointment of officers and employees, banks, custodians, trust companies, financial advisers, auditors and counsel, fixing the time and place of the meetings of said Board of Trustees, the location of the business office of the corporation, and for the proper management of said trust fund, consistent with the law and with this Canon.
SECTION 6. “Diocesan Investment Trust” shall present to each annual meeting of the Convention a financial report of its affairs.
SECTION 7. The Diocesan Council of the Diocese of New Jersey, the Trustees of Church Property of the Diocese of New Jersey, the Trustees of the Aged and Infirm Clergy Fund of the Diocese of New Jersey, the Trustees of the Widows, Widowers and Orphans of Clergy Fund of the Diocese of New Jersey, the Trustees of the Missionary Fund of the Diocese of New Jersey, the Trustees of the Episcopal Fund of the Diocese of New Jersey, the Trustees of the Venture in Mission Endowment of the Diocese of New Jersey and the Trustees of the Episcopal Evergreens Fellowship Fund of the Diocese of New Jersey, are hereby authorized to invest or reinvest any or all funds held by them in trust in shares or interests in “Diocesan Investment Trust”, hereinafter described, and to assign, transfer and set over to it cash and securities in which the trust funds of each of said corporations are invested or reinvested, and any Diocesan Congregation or other diocesan or congregational organization may likewise, with the consent of the Board of Trustees of “Diocesan Investment Trusts”, deposit with it, funds for investment or reinvestment held either as fiduciary or otherwise, the same to be invested or reinvested by “Diocesan Investment Trust” and the income from the same to be paid in the manner hereinafter set forth; provided that, in the case of funds held as fiduciary, such investment or reinvestment is not prohibited by the wording of the will, deed or other instrument creating such fiduciary relationship.
SECTION 8. “Diocesan Investment Trust” is in its absolute discretion, authorized to retain or change any investments and securities and invest or reinvest all or any part of the funds entrusted to it in such securities, investments and other property as the Board of Trustees shall deem advisable, without being restricted to those classes of securities which are lawful for the investment of trust funds under the laws of this State.
SECTION 9. All securities received and accepted by “Diocesan Investment Trust” shall be taken at a value to be agreed upon between the depositor thereof and “Diocesan Investment Trust”. New Accounts may be opened with a minimum of $1,000 or such higher initial investment as the Board of Trustees in its discretion may establish. Additional incremental investment may be made with amounts of $500 or more, provided, however, that investment of a dividend of any amount in additional shares shall be permitted; and, provided, further that the Board of Trustees in its discretion may establish that a dividend payment amount between $0.01 and $50 to an individual shareholder shall instead automatically be invested in additional shares. Acceptance of any securities, except cash, may be refused by “Diocesan Investment Trust”. The Board of Trustees in its discretion may establish a minimum share balance, below which a shareholder’s shares and interest shall be redeemed.
SECTION 10. Upon receipt on or before the 20th of each calendar month, by “Diocesan Investment Trust” of an offer in writing in a form acceptable to the Board of Trustees to subscribe to shares in “Diocesan Investment”, the Board of Trustees may accept such offer and a Custodian Bank may issue a statement of share or shares as hereinafter provided with the dollar value fixed by the Board of Trustees, and based upon the net asset value of each outstanding share of “Diocesan Investment Trust” as of the last business day of the previous calendar month.
SECTION 11. The net asset value of each share shall be determined by ascertaining the fair value of the entire fund, as of the first business day of each calendar month in which said statement shall be issued as aforesaid, including income accrued on bonds and dividends theretofore declared on stock held in the common fund, but not then received by the Trustees, and payable to holders of record on a date prior to the said last business day of the previous calendar month, and dividing said value by the number of shares then outstanding on the date of such determination; from this value there shall be deducted the proportionate part of any unpaid expenses then accrued; and the results so determined shall be the net asset value of each share then outstanding. In determining the fair market value of the fund, “Diocesan Investment Trust” shall use market values wherever such values are available, but where they are not available, it, in the discretion of its Board of Trustees, may determine fair value on any other basis, which to the Board seems fair and reasonable.
SECTION 12. The shares aforesaid shall not be transferable, provided, however, that in its discretion the Board of Trustees may approve the transfer of shares to a successor of the shareholder.
SECTION 13. The ownership of shares shall not entitle the shareholder to any title in, or to the whole or any part of, the trust property, or right to call for a partition or division of the same, nor shall the ownership of shares constitute the holders thereof partners; nor shall the shareholder be called upon for the payment of any sum of money or assessment whatever except as provided in Section 9.
SECTION 14. Upon the deposit with and acceptance by “Diocesan Investment Trust”, of cash, or checks made payable to the DIOCESAN INVESTMENT TRUST, or securities as aforesaid, a Custodian Bank for the “Diocesan Investment Trust”, shall issue to the respective depositors statements representing the share or interest of each depositor in the common trust fund.
SECTION 15. Upon delivery by any depositor of trust funds in cash or securities and acceptance thereof as provided in Section 7 hereof, such depositor shall be relieved of any and all liability whatsoever of or respecting the funds so deposited, except liability which may have accrued before delivery to “Diocesan Investment Trust.”
SECTION 16. The income from the common trust fund held by “Diocesan Investment Trust” shall be paid in the manner provided by law and by the by laws of “Diocesan Investment Trust”. All gains or losses in said common trust fund shall be shared proportionately by holders of shares or interest in said fund. Dividends shall be declared and paid at times and in amounts determined in the discretion of the Board of Trustees. Subject to the provisions of Section 9 above, any shareholder may elect to receive a dividend check or may reinvest a dividend with a purchase of additional shares.
SECTION 17. The books of account, securities and other records of “Diocesan Investment Trust” shall at all times be available for inspection by the Audit Committee of the Diocese or its duly authorized agent.
SECTION 18. In case any shareholder desires to dispose of its share or shares, such shareholder must present a written request to the Office of the Treasurer, Diocese of New Jersey, 808 West State Street, Trenton, New Jersey 08618-5326 by, or prior to, the 25th day of respective month. A Custodian Bank will redeem shares on the last working day of any month, computed at the market value for the shares posted at the end of the current month. Purchases of additional shares will be effected on the first day of any calendar month, computed at the market value posted at the end of the previous month. Monies received for purchase of shares will be invested or reinvested in an interest bearing money market account during the month, until the Custodian Bank acquires new shares.
SECTION 19. The power to amend this Canon, or to terminate the trust hereby established, or to dissolve the corporation hereby authorized and to repeal this Canon and any and all amendments thereof, all in a manner consistent and in accordance with the statutes of New Jersey, is hereby reserve.
Christian Knowledge Society
SECTION 1. The Christian Knowledge Society of the Diocese of New Jersey, as now incorporated, shall distribute copies of the Holy Scriptures, the Book of Common Prayer, the Hymnal, and Religious Tracts; and shall aid Candidates for Holy Orders.
SECTION 2. Any person may be constituted a life member by the payment of ten dollars at one time, or a member by the annual payment of not less than one dollar. All membership fees or donations not given for specific objects shall be added to the Endowment Fund and the income from the Endowment Fund shall be expended in furtherance of the objects of the Society.
SECTION 3. The Bishop of the Diocese shall be the President of the Society; the members of Diocesan Council shall constitute the Board of Trustees of the Society; and the Secretary of the Diocesan Council and the Treasurer of the Diocese shall be, respectively, the Secretary and Treasurer of the Society. The Treasurer shall invest or reinvest the funds of the Society subject to the approval of the Finance and Budget Committee of the Diocese. All appropriations out of available income shall be made by the Board of Trustees of the Society which shall have general management of the affairs of the Society, making a full report thereof at the annual meeting of and to the Diocesan Convention.
CANONS 40, 41, 42, 43, 44 and 45 RESERVED