LCMS Commission on Constitutional Matters — Minutes St. Louis, Missouri — January 31, 1996, Page 6

Transcription machine transcription, uncorrected

⤓ Download .txt · copy text

3.193 Powers and Duties with Respect to the Property of the Synod
The Board of Directors, except as otherwise provided in these Bylaws, shall have such authority and
responsibility with respect to the property of the Synod as is generally vested in and imposed upon the
board of directors of a corporation. The Board of Directors (1) shall, however, delegate to District boards of
directors the authority to buy, sell, and encumber real and personal property in the ordinary course of
performing the functions which the District carries on for the Synod, consistent, however, with general
policies (which shall be applicable to all Districts) established from time to time by the Synod in
convention, and (2) may delegate to any agency engaged in furthering the objectives of the Synod powers
and duties with respect to property for which such agency has direct supervisory responsibility. Such
delegation of powers and duties shall be in writing and shall be subject to change at any time by the Board
of Directors of The Lutheran Church-Missouri Synod as provided in the document(s) by which such
delegation was made. For the purposes of this section, 3.193,
a. "Synod" includes every agency engaged in furthering the objectives of the Synod;
b. "agency engaged in furthering the objectives of the Synod" is any instrumentality other than a
congregation, whether or not separately incorporated, which the Synod or one of its agencies has caused
to be formed to further the Synod's objectives, and includes without limitation each board, commission,
seminary, college, and District, and Concordia Publishing House, Concordia Historical Institute, The
Lutheran Church-Missouri Synod Foundation, the Lutheran Church Extension Fund-Missouri Synod,
Concordia University System and the Worker Benefit Plans;
c. "property of the Synod" includes all property, real or personal, tangible or intangible, and wherever
situated (whether in the United States or elsewhere), and regardless of whether title to such property is
held in the name of the Synod or its nominee or one of its agencies, provided, however, such shall not
include any assets of the Lutheran Church Extension Fund-Missouri Synod, and provided further that
property held by an agency in a fiduciary capacity (including, for the purposes of example, the pension,
retirement, and welfare funds administered by the Board of Managers, and certain funds held by The
Lutheran Church-Missouri Synod Foundation) shall not be considered or treated as the property of the
Synod.
3.195 Capital-Fund Borrowing Authority
1. The Board of Directors shall be empowered to authorize the synodical Vice PresidentFinance/Treasurer to borrow capital funds after the board has determined the amounts and the conditions
under which these capital funds shall be borrowed, for capital-fund outlay, for site acquisition, or for
construction projects which are authorized by synodical conventions.
2. The Board of Directors and the responsible officers of the Synod are empowered to do all things
necessary to effect such capital-fund borrowings if and when required, including the pledging of real and
other property belonging to the Synod in order to secure loans to obtain the necessary funds.
3. The borrowed capital funds shall not be used for any operating expenditures and shall be subject to
provision for amortization.

Minutes of the Commission on Constitutional Matters
March 28, 1996 - 8:30 p.m. Telephone Conference