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An Act for regulating the management by the Trustees of the Presbyterian Church in Ireland of certain trust properties for the said Church, and for other purposes. [16th June 1871] Preamble (which recites the Irish Church Act 1869 (c.42) ss.23, 29 (which provided for the commutation of the life interests of ministers or assistant ministers of protestant non-conforming congregations in Ireland): that upwards of three-fourths of the whole number of the ministers of the general assembly of the Presbyterian Church in Ireland authorized to commute under the said Act had already commuted their life interests for capital sums under the provisions of the said Act (which ministers who had already commuted are herein-after designated "the said commuting ministers"): that the said commuting ministers and the said general assembly duly appointed certain persons to be trustees to receive the said capital sums pursuant to the said Act: that, in order to enable the said trustees to pay to each of the said commuting ministers an annuity for his life, provided he should so long continue in his office of minister, equal to the annuity commuted by him as aforesaid, and at the same time to preserve undiminished the entire amount of the said commutation money as a source of permanent endowment for the church, certain members of the church agreed to raise by voluntary annual contribution or otherwise a certain amount of income, to be called "the sustentation fund" of the said church (and herein-after designated as "the said sustentation fund"), the same to be applied in each and every year so long as any such life annuity should be payable as aforesaid to supplement the annual income arising from the said commutation money, so far as might be required for the payment in full of the several annuities: that the said commuting ministers had agreed that the commutation money payable in respect of their life interests should be vested in the said trustees, on certain trusts contained in and declared by a deed dated 18th July 1870: that certain colleges and other property and trust funds connected therewith which had been given and bequeathed for the education of ministers for the said church were vested in certain trustees for the said church; that certain churches, manses, and other property connected therewith, were vested in certain trustees, for congregations connected with the said church; that certain trust funds and moneys given and bequeathed by members of the said church for missions and other charities connected with the said church, were vested in or under the control of divers trustees for the said church,and portions thereof had been invested on mortgages of lands and in other securites) rep. by SLR 1893 (No.2)
© 1871 Crown Copyright
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