III. Income.

466. The sources of income shall be from the following annual apportionments for the next quadrennium, and until the same shall have been altered or amended by General Conference :

These amounts shall be apportioned to the several Circuits upon the same basis and manner as now adopted on behalf of the Superannuation Fund in the Western Conferences, and at the May District Meeting it shall be the duty of the Financial Secretary to collect the amount from each circuit or mission, and remit the same to the Treasurer of this Fund immediately thereafter.

The above provisions shall not take effect till the next meeting of the Annual Conferences.

IV. Management.

46%. The management of this Fund shall be vested in a Board consisting of five persons, three laymen and two

ministers; one of whom shall be the Treasurer, to be elected quadrennially by the General Conference.

V. Audit.

468. The Board shall provide for a careful audit, by competent persons, of the accounts of the Fund; and shall publish the certificate of said auditors in connection with annual and other statements.

VI. Vacancies.

469. The Board of Management shall fill any vacancy that may occur in the Board during the quadrennium.

Regulation re Billeting.

470. The members of the General Conference, not paying for themselves at boarding-houses or hotels, shall pay to the Treasurer of the Billeting Committee the sum of $5 each, to provide a fund for billeting delegates.

SECTION V.

CHURCH AND PARSONAGE AID FUND.

CONSTITUTION.

I. Name.

471. The fund shall be known as "The Church and Parsonage Aid Fund of the Methodist Church;" nevertheless, the Nova Scotia Conference is allowed to manage its own Church and Parsonage Aid Fund.

II. Object.

472. The object of the fund shall be to aid in the erection of churches and parsonages, on sites held in trust by our Model Deed, on the Stations, Circuits or Missions of the Methodist Church, and the reduction of debts upon the same, by means of loans at low rates of interest, on such conditions as will secure the earliest possible extinction of all liabilities upon the property aided.

III. Management.

473. The management of the fund shall be vested in a Board of nine Directors (a majority of whom shall be laymen), to be elected quadrennially by the General ConferThe Board shall have authority:

ence.

1. To make loans to Trustee Boards of churches or parsonages, in harmony with the objects set forth in the constitution, and the general regulations hereinafter mentioned.

2. To receive moneys on deposit at low rates of interest for the purposes of the fund.

3. To institute proceedings, when necessary; to foreclose mortgages and recover loans or interest when due.

4. To sell, assign, or otherwise dispose of mortgages and securities.

5. To employ such assistance as it may deem necessary for the correct keeping of the accounts and the prompt and accurate transaction of the business connected with the fund.

6. To fill any vacancy that may occur in the Board or among its officers during the quadrennium,

7. And generally to take such steps as may be necessary for carrying out the provisions of the Constitution, and the general objects of the fund.

IV. Capital.

474. The capital of the fund shall consist of:

1. Moneys or securities now belonging to the Church and Parsonage Aid Fund for the North-West.

2. Moneys or securities now belonging to any Church or Parsonage Aid Fund in any of the Annual Conferences, subject to the consent of said Conferences.

3. Legacies or donations that have been or shall hereafter be made for the objects contemplated by the fund. 4. Moneys received on deposit.

Application of Revenue.

475. Revenues arising from interest on loans and other sources shall be applied :

1. To the payment of interest on deposits.

2. To the payment of necessary expenses of management. 3. The balance, if any, shall be carried to a Sinking Fund for the repayment of deposits.

NOTE.-Interest from loans of the Aylesworth legacy goes to the Missionary Fund, according to the terms of the bequest.

VI. Reports.

476. The Directors shall publish an Annual Statement for the information of the Conferences and the Connexion generally, and they shall present a Quadrennial Report to the General Conference, covering the business of the four

preceding years, and showing the condition of the fund at the close of the last financial year.

VII. Audit.

47%. The Board shall provide for a careful audit, by competent persons, of the accounts of the fund; and shall publish the certificate of said auditors in connection with the Annual Statements.

VIII. Regulations.

478. The following regulations shall be observed in regard to loans.

1. No officer or director connected with the fund shall be a borrower from the fund in any circumstances.

2. The fund shall be used for loan purposes only, and no free grants shall be made in any circumstances.

3. No loan shall exceed forty per cent. of the estimated actual cash value of the property.

4. Loans shall be made on security of first mortgage on Connexional property held under our Model Deed, with assignment of Insurance Policy for amount equal to the loan, and the personal obligation of the Trustees as collateral. Where circumstances render it necessary the Directors may accept the personal obligation of the Trustees in lieu of a mortgage, in which case the Trustees shall give a bond for a mortgage as soon as a deed is secured.

5. All applications for loans in the North-West must be endorsed by the Superintendent of Missions, in addition to the Quarterly Board, the Superintendent of the Circuit