# LCMS Convention Proceedings_St. Louis Missouri_1950_S304
# Machine transcription, uncorrected — CHI Digital Archive (demonstration)

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394 CONSTITUTIONAL MATTERS .
, . CONSTITUTIONAL MATTERS $95

8.115 Loans os
.a. Loans shall be granted at the discretion of the Board to
. incorporated Districts, whether subsidized or unsubsia;.

to synodical mission boards, and to the Missionary Board
of the Synodical Conference.

b. The amount of the loan shall be determined by the needs
of the applicant, and such needs shall be viewed in the light
of the most promising and/or strategic missionary fields,

c. Repayment of no Jess than 10 per cent of the loan per
annum shall be required by the Board. Exceptions to this
rule may be made only by the affirmative vote of two
thirds of the entire Board membership. In event of a de.
fault on a payment no further loan shall be granted until
the sum past due has been paid.

d. An administration fee shall be charged at the rate of one
per cent per annum on the unpaid balance, payable an.
nually on the anniversary of the loan.

e. The borrowing District or Board shall give its notes signed
by its officers as security for loans.

f. Districts having loans shall make available financial re-
ports to the Church Extension Board of Synod annually

nS _ or when such reports are requested by this Board. They
a shall have these accounts audited by Synod’s auditor or
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10. Layman V.P.c V.P.d

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“COLLEGE OF PRESIDENTS

Explanation .
wet 1) 8.113 “The FUND” is a new section. The present regula-
a tions do not define “The Fund,” nor do they designate the
source of increase for “The Fund,” as suggested on page
439 (1947 Proceedings). Present regulations do not state
for what purpose loans can be made. We believe such
‘a purpose should be as all-inclusive as. suggested by
_ Memorial 527, page 438 (1947 Proceedings), since loans
are to be made to Districts and Boards for mission pur-
poses. Sometimes “acquiring property” for a church can
- be as important these days as building the church.
°2) 8115 “LOANS”

a. We add “at the discretion of the Board.”. That puts a
check on the all-inclusive purpose under 8.113. Let the
Board make the decision, and let it be guided by the prin-
ar ciple laid down in 8115b (p.439— Loan, Proceedings,
ts 1947).
° 3) 8.115 c. We do not like to set up exceptions to a rule as
regulations as suggested by Memorial 527 under “Repay-

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5. Pastor
6. Pastor

7. Layman

THE
(Co-ordination of Budget and Work)

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Treasurer

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Subcommittee

Planning
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Mission
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Service
Board

District
Mission

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