Western Australian Consolidated Acts Western Australian Consolidated Acts (1) Every
congregation, mission, or institution shall make an annual contribution to the
sinking fund, in accordance with subsections (1A) to (1D).
(1A) Where the amount
of a mortgage or other liability exceeds 25%, and is not more than 50% of the
realisable value of the land, buildings, or other property secured by such
mortgage or other liability, an annual contribution of 1½% on half the
realisable value of such property, or 1½% on the amount of such mortgage
or other liability, whichever is the greater, shall be made to the sinking
fund.
(1B) Where the amount
of a mortgage or other liability secured on the land, buildings, or other
property is 25% or less than 25% of the realisable value of such property, an
annual contribution of 1½% on the amount of such mortgage or other
liability, plus 1% of 25% or more of the realisable value of the property,
subject to mortgage or other liability, shall be made to the sinking fund.
(1C) Where the lands,
buildings, or other property of a congregation, mission, or institution
(excluding any mission or institution that has been separately incorporated as
provided in section 21 of the Presbyterian Church Act 1908 ) are
free from encumbrances, an annual contribution of 1% of half the realisable
value of such property shall be made to the sinking fund.
(1D) Where a
congregation, mission, or institution is paying off to the satisfaction of the
Commissioners a liability, the amount of which exceeds 50% of the realisable
value of the property secured or otherwise subject to such liability, such
congregation, mission, or institution shall not be required to make an annual
contribution to the sinking fund until the amount of the liability has been
reduced to 50% of the realisable value of the property subject to or secured
by such liability.
(2) All sinking fund
contributions assessed on the amount of a mortgage or other liability of a
congregation, mission, or institution, shall be applied by the Commissioners
in reduction of the mortgage or liability of the said congregation, mission,
or institution, or may be invested by the Commissioner at compound interest
with a view to accumulating a fund to pay off such liability at maturity, or
to discharge such liability when the sinking fund, plus interest, is
sufficient for such purpose; but no contribution to the sinking fund, assessed
on the realisable value of the property of any congregation, mission, or
institution shall be used for paying off the liability on the property of any
other congregation, mission, or institution without the sanction of the
General Assembly having been first obtained.
(3) Voluntary
contributions made by the members and adherents or friends of the Church to
the sinking fund shall be applied, as may be directed by the contributors, or
as the Commissioners may direct.
(4) Realisable value
means such value as may be agreed upon between the Commissioners and board of
management, council or committee of any church, mission, or institution, or,
in the event of any dispute as to such value, then the realisable value shall
be fixed by an arbitrator appointed by the General Assembly.
[Section 6 amended by No. 19 of 1964
s. 11; No. 19 of 2010 s. 51.]