251 Vesting and management

251.1 Vesting

a) Title to each property included in the agreement shall be vested or continue to be vested in the national or diocesan trustees as the case may be of one or other of the participating congregations, such titles to be held by such trustees according to the regulations of the Partners which they represent and in terms of the prepared agreement.

b) Such trustees shall when requested complete a Deed of Trust (See 253).  This will normally be only when one Partner has made a substantial contribution to a property vested in the trustees of another.

251.2 Capital contributions

The congregations party to the agreement shall agree upon the values of their respective capital contributions to the Cooperative Venture in the form of cash, land and/or buildings, chattels or otherwise as agreed upon.

The nature of these and all future such capital contributions and their proportion as a percentage of the whole shall be recorded in Schedules Two to Six of the Schedule of Record. (See 252) Subsequently the sum total of capital contributions shall be held in trust in such proportions unless varied by agreement of the participating congregations and appropriate courts of their respective Partners.

Subsequent capital contributions made to the Cooperative Venture shall normally be in the same proportion as the original contributions.  Variations may be made on the agreement of all parties in which case appropriate alteration to proportions as set out in Schedule Five of the Schedule of Record shall be made. (See 252)

251.3 Insurance

The congregations party to the agreement shall ensure that the properties so held shall be adequately insured in terms of re-instatement value where appropriate.

251.4 Development or rationalisation

Proposals to rationalise, redevelop or otherwise dispose of any land or buildings included in or added to the agreement shall be approved by the congregation(s) through parish meeting, the parish council, the Joint Regional Committee and the appropriate courts of the Partners.  Execution of documents relating to the property shall be the responsibility of the trustees in whom such property is vested and shall be carried out according to the normal procedures of that church.

251.5 Charges

The congregations party to the agreement shall unless otherwise agreed be jointly responsible from the date of inauguration for meeting all loan or charge payments set out in Schedule four of the Schedule of Record whether interest or principal.

251.6 Risk Management

Attention is drawn to compliance requirements for development as set out in the Liability Risk Management Guide 2001

(See 447)

251.7 Power to borrow

Subject to the regulations of the Partners and to the consent of the trustees in whom title to land proposed to be given as security is vested, the participating congregations may collectively borrow for capital purposes of the Cooperative Venture.  Such trustees may call for appropriate indemnities from the other Partners.  The borrowing shall be deemed to constitute a charge against the land and other assets of the Cooperative Venture, but the trustees in whom the land of the Cooperative Venture is vested shall not be personally liable, nor shall such borrowing constitute a charge against any other property vested in such trustees.

251.8 Repayment of capital contributions

In the event of withdrawal or dissolution of the Cooperative Venture taking place in circumstances provided for under 261-262, dispersal of capital assets shall be made in the proportion that the parties to the agreement shall agree is equitable.  In the absence of such agreement dispersal shall be made in the same ratio as the original capital contributions or any subsequent variation thereof.  In any case the terms and conditions of such dispersal shall be as mutually agreed upon.

251.9 Grant for working expenses

Any additional funds required for normal expenses of the Cooperative Venture may be made available by way of grant from either local, regional or national courts of the Partners.

Unless otherwise determined, such grants shall be agreed by the Partners.  Grants under this clause shall not be regarded as altering the value of capital contributions as recorded in Schedule Five of the Schedule of Record. (See 252)