# LCMS Convention Proceedings_St. Louis Missouri_1956_S479
# Machine transcription, uncorrected — CHI Digital Archive (demonstration)

479

CONSTITUTIONAL MATTERS

purposes can obviate all legal objection and provide them the
choice of investment; be it therefore

Resolved, That the Board of Directors of Synod implement
the foregoing procedure whereby the Pension Fund may be placed
in charge of the Church Extension Board to be used as other
Church Extension funds, and at a rate of interest in accord with
the objectives of the Board of Support and Pensions.

Conrap COYNER
ACTION

This matter was disposed of by the following resolution of

Committee 6, adopted by Synod:

Resolution 38

Wuereas, Various memorials have been received requesting
the reinvestment of a portion of synodical Pension Funds for
Church Extension purposes, or for loans to congregations for
construction purposes; and

Wuereas, The Houston Convention in 1953 suggested that
a legal opinion be obtained from independent counsel not con-
nected with Synod; and

Wuereas, Such an opinion was obtained which stated that
Pension Funds could not be so invested; and

Wuereas, At the suggestion of the Board of Directors a further
opinion of independent counsel was sought; and

Wuereas, Such second opinion was obtained wherein it was
stated that there is a possibility of making use of Pension Funds
for loans under certain conditions, by recommending a declaratory
judgment before any amendments to Pension Fund provisions be
made; therefore be it

Resolved, That the Board of Directors of Synod appoint a com-
mittee which shall:

1. Make a thorough study of amendments and changes, if any,
which may be made to the rules, regulations, and manner in which
synodical Pension Funds are administered so as to lawfully permit

the use thereof for Church Extension purposes or for construction
loans for congregations;

2. Make its recommendations as to such reinvestment policy;

3. Publish its findings and conclusions not later than June 1,
1958, and submit its report to the synodical convention of 1959;
and be it further

Resolved, That the committee be authorized to engage the
services of legal counsel in making its studies.