Your cart is currently empty!
REGULATION 11: Of the Diocesan Board of Finance
1. There shall be a Diocesan Board of Finance (hereinafter called “the Board”) which shall consist of:
(a) two (2) representatives elected by each of the four (4) Regional Councils;
(b) five (5) members elected by the Synod at its annual session from a slate of candidates nominated by the Diocesan Council;
(c) the Bishop, the Vicar-General, the Trustees and the Diocesan Secretary ex-officio;
(d) two (2) members elected annually by the Diocesan Council at its first meeting after the annual session of Synod.
2. (a) The Bishop shall appoint a member of the Board as the Chairman thereof, such appointee being a communicant member of the Church.
(b) At the first meeting of the Board after the annual session of the Synod the Board shall elect a member thereof as the Vice-Chairman.
(c) The Bishop shall appoint a Secretary to the Board.
3. (a) Subject to any general policy directions of the Synod or of the Diocesan Council, the Board shall arrange and cause to be audited the investments and finances of the Diocese, and in particular the Board shall consider, decide, and implement its decisions in respect of:
(i) all questions relating to the finances and property of the Church in the Diocese;
(ii) the investment of moneys on mortgage or in the purchase of real estate in the Diocese or in such other securities as may be authorised by law in relation to the investment of Trust funds;
(iii) subject to Regulation 20A, the terms and conditions on which money shall be loaned to the Parishes;
(iv) the control of financial and accounting matters;
(v) the preparation of full financial statements and an Annual Report of the Diocese for each calendar year and the presentation of the statements when audited and of the Report to the Council at the annual session of the Synod;
(vi) the fixing annually of the amount of each Parochial Assessment.
(b) The Diocesan Budget and the Annual Estimates of Revenue and Expenditure:
(i) shall be submitted by the Board to the Council for approval with or without amendment not later than the second Tuesday in December;
(ii) on approval by the Council shall come into operation on the 1st day of January in the year; and
(iii) shall be laid before the Annual Session of the Synod in the ensuing year.
4. (a) At least one (1) meeting of the Board shall be summoned for every month; provided that it shall not be necessary to summon a meeting for the months of August and December.
(b) One-third (1/3) of the members of the Board shall form a quorum.
5. Every Regional Council and every Vestry and the Diocesan Programme Planning Unit shall submit to the Board annually –
(a) before the 28th day of February an audited Revenue and Expenditure Account and Balance Sheet for the previous calendar year;
(b) before the 15th day of November its estimates of revenue and expenditure for the ensuing calendar year.
6. (a) There shall be an Investment Sub-Committee of the Board (hereinafter in this Regulation called “the Committee”), which shall comprise:
(i) the Diocesan Treasurers and the Diocesan Secretary ex -officio;
(ii) such others of its members as the Board may designate.
(b) Subject to ratification thereof by the Board at its first meeting thereafter, the Committee shall consider and decide upon the investments of the Diocese, which shall be vested in the Trustees, and upon any changes in such investments.