4240: Difference between revisions
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'''<span id="4240">4240.</span>''' The Wesleyan Church Corporation shall receive and hold in trust by donation, gift, grant, bequest, devise or otherwise, any property, real, personal or mixed, in any state in the United States of America or any other country, in behalf of The Wesleyan Church or any of its subsidiary interests, for any benevolent, charitable, religious or educational purpose and to administer the same and the income therefrom in accordance with the directions of the donor, trustor or testator and in the interests of the general department, office, institution, agency, society or other body contemplated by such donors, trustors or testators, the whole to be under the direction of and amenable to the General Conference ([[1590:4–5]]). The board of directors shall have power, with the advice of competent investment counsel, to invest, reinvest, buy, sell, transfer, and convey any and all funds and properties which it may hold in trust, subject always to the terms of the legacy, devise or donation and shall, whenever it is necessary to do so, determine the use or uses of each such fund or trust which shall correspond with the general intentions of the donor, trustor or testator. | '''<span id="4240">4240.</span>''' The Wesleyan Church Corporation shall receive and hold in trust by donation, gift, grant, bequest, devise, or otherwise, any property, real, personal, or mixed, in any state in the United States of America or any other country, in behalf of The Wesleyan Church or any of its subsidiary interests, for any benevolent, charitable, religious, or educational purpose and to administer the same and the income therefrom in accordance with the directions of the donor, trustor, or testator and in the interests of the general department, office, institution, agency, society, or other body contemplated by such donors, trustors, or testators, the whole to be under the direction of and amenable to the General Conference ([[1590:4–5]]). The board of directors shall have power, with the advice of competent investment counsel, to invest, reinvest, buy, sell, transfer, and convey any and all funds and properties which it may hold in trust, subject always to the terms of the legacy, devise, or donation and shall, whenever it is necessary to do so, determine the use or uses of each such fund or trust which shall correspond with the general intentions of the donor, trustor, or testator. | ||
Latest revision as of 21:56, 13 November 2022
4240. The Wesleyan Church Corporation shall receive and hold in trust by donation, gift, grant, bequest, devise, or otherwise, any property, real, personal, or mixed, in any state in the United States of America or any other country, in behalf of The Wesleyan Church or any of its subsidiary interests, for any benevolent, charitable, religious, or educational purpose and to administer the same and the income therefrom in accordance with the directions of the donor, trustor, or testator and in the interests of the general department, office, institution, agency, society, or other body contemplated by such donors, trustors, or testators, the whole to be under the direction of and amenable to the General Conference (1590:4–5). The board of directors shall have power, with the advice of competent investment counsel, to invest, reinvest, buy, sell, transfer, and convey any and all funds and properties which it may hold in trust, subject always to the terms of the legacy, devise, or donation and shall, whenever it is necessary to do so, determine the use or uses of each such fund or trust which shall correspond with the general intentions of the donor, trustor, or testator.