All Saints Episcopal Church


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The Permanent Endowment Fund of All Saints Episcopal Church

Revised as of January 23, 2005

V. Modification and Termination of the Permanent Endowment Fund

The maker of any gift, grant, devise or bequest to a restricted Component Fund of The All Saints Permanent Endowment Fund, and all persons claiming by, through or under such donor, shall be conclusively deemed to have agreed that:

A. Termination.
If the Trustees of The All Saints Permanent Endowment Fund and the Vestry of the Church determine that there has been no substantial need for finds to serve the uses and purposes of one of the restricted Component Funds for five (5) consecutive calendar years, they may, by identical resolutions adopted by the affirmative votes of two-thirds of the members of both such bodies taken at meetings of each such body held in two (2) successive calendar years and at n interval of not less than twelve (12) calendar months, transfer the money and other assets in such Component Fund to another restricted Component Fund, the uses and purposes of which, in the judgment of the Trustees and the Vestry most closely resemble those of such unneeded restricted Component Fund, or if, in the judgment of the Trustees and the Vestry, no other restricted Component Fund has uses and purposes which resemble those of such unneeded restricted Component Fund, then to the Unrestricted Fund. (The foregoing shall not apply to the 75th Jubilee Fund Component.)

B. Modification.
Any change or modification to this Agreement, other than A. above, shall first be presented by the Vestry to the Congregation at the Annual Parish Meeting and be approved by a majority vote of those electors entitled to vote. Such change or modification shall not be effective until or unless the Congregation has approved the proposal by a majority vote at its Annual Parish Meeting for three (3) consecutive years.

C. Dissolution.
If the Church is dissolved, all money and assets in The All Saints Permanent Endowment Fund and its Component Funds shall be transferred and paid over by the Vestry of the Church to the Diocese of Southeast Florida for its general use and purposes.

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