# LCMS Convention Proceedings_St. Louis Missouri_1950_S1229
# Machine transcription, uncorrected — CHI Digital Archive (demonstration)

742

enlarge the synodical Church Ex i
tension Fund through 9;
if necessary, also through loans at a low rate of interest and,

2. That the Church Extension B
‘oard confin
or synodical boards as defined in Handbook ate ye

4, That section 8.113-d of re i
-LI3~ t .
Board on loans, which now rade rons of the Church tension

An administration fee shall be charged at the rate of one

cent per annum on th i
anniversa am on | he unpaid balance, payable annually on the

be amended to read:

“An annual fee to cover the i i
. 3 terest paid and th
ministration shall be charged th "r iy istricts af oat
be fixed by the Church Extension Bowed ° Districts at a rate *

5. That all loans granted after Jul shal]
'y 1, 1950, charg
at the rate of interest established by the Church Extensiy, Bont

March 28, 1950 Boarp or Directors or Synop

Resolved, To support the Memorial of the Board of Directors

to expand the capital of th
through gifts and loans. e General Church Extension Fund

THE Boarp ror Missions ww Norta AND Sours America

ACTION

Upon recommendati :
following resclutinn on of Committee 6, Synod adopted the
Resolution 43

Resolution 5 was recommitted to your Committee and th
, e

FINANCIAL MATTERS 743
ences to increasing the assets of the Church Extension Board
pended a separate memorial, 802, in which recommendations
de as Part II on page 741.
t+ was the sense of this Committee that if Resolution 4 were
ted by Synod, it would automatically dispose of the recom-
dations on pages 731 and 741. However, in view of the appar-
onfusion which has arisen, the Committee feels that the dele-
es should be given the opportunity to pass upon these sugges-
ons of the Board of Directors.
_ Item 1 of the suggestions of the Board of Directors proposes
t the Board of Directors be empowered to enlarge the synod-
Church Extension Fund through gifts and, if necessary, also
Mhirough loans at a low rate of interest. Your Committee therefore
‘yecommends that Section 8.113 be amended by adding another line

: Bas amended in the adoption of Resolution 4 and needs no further

“action.

-» Items 3 and 4 pertain to the same matter and are covered by

_ Section 8.115 d on page 518, as adopted by the convention at its

*Monday morning session. So that the issue may be presented

~“Sfairly, you Committee now recommends that Section 8.115d as
heretofore adopted be amended to read as follows:

oe “An annual fee to cover the interest paid and the cost of

‘~~ administration shall be charged the respective Districts at a rate to
‘be fixed by the Church Extension Board.”

Item 5 depends upon the adoption of the recommendation cov-
ered by Items 3 and 4 and provides that all loans granted after
July 1, 1950, shall be charged at the rate of interest established by
the Church Extension Board. Our Committee recommends the
adoption of this directive if the convention adopts the preceding
proposal allowing the Church Extension Board to fix the rate.