# LCMS Convention Proceedings_St. Louis Missouri_1950_S583
# Machine transcription, uncorrected — CHI Digital Archive (demonstration)

FINANCIAL MATTERS 583

II. Wuereas, However, there is a crying need for larger sums
of money for the erection of churches, schools, parish houses, par-
sonages, and teacherages, in spite of the determined and conse-
crated efforts of self-help on the part of the individual Districts; and

Wuereas, Some of the congregations and their Districts have
practically exhausted all available resources; and

Wuereas, The funds of Synod’s Church Extension Fund are
at a very low ebb; therefore be it

Resolved,

1. That the Board of Directors of Synod be empowered to
enlarge the synodical Church Extension Fund through gifts and,
if necessary, also through loans at a low rate of interest;

2. That the Church Extension Board confine loans to Districts
or synodical boards as defined in Handbook 8.113-c; and

3. That the Church Extension Board be permitted to charge
the Districts a rate of interest which will be adequate to cover
the interest paid and the operating cost of the General Fund; and

4. That section 8.113-d of regulations of the Church Extension
Board on loans, which now reads:

“An administration fee shall be charged at the rate of one per
cent per annum on the unpaid balance, payable annually on the

anniversary of the loan.”
be amended to read:

“An annual fee to cover the interest paid and the cost of ad-
ministration shall be charged the respective Districts at a rate to
be fixed by the Church Extension Board.”

5. That all loans granted after July 1, 1950, shall be charged
at the rate of interest established by the Church Extension Board.

March 28, 1950 Boarp or Directors or Synop

Resolved, To support the Memorial of the Board of Directors
to expand the capital of the General Church Extension Fund
through gifts and loans.

THe Boarp For Missions IN NortH AND SOUTH AMERICA