Chapter 455. To amend section two of an Act entitled “An Act to incorporate the Convention of the Protestant Episcopal Church of the Diocese of Washington.” February 2, 1907. [[S. 63384](/us/bill/59/s/63384).] [[Public, No. 52](/us/pl/59/52).] *Be it enacted by the Senate and House of Representatives of the Unit
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CHAP. 455.— An Act To amend section two of an Act entitled “An Act to incorporate the Convention of the Protestant Episcopal Church of the Diocese of Washington.” February 2, 1907. [[S. 63384](/us/bill/59/s/63384).] [[Public, No. 52](/us/pl/59/52).] *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled*, That section two of the District of Columbia.Convention of Protestant Episcopal Church of the Diocese of Washington.Vol. 29, p. 59.Act approved March sixteenth, eighteen hundred and ninety-six, entitled “An Act to incorporate the Convention of the Protestant Episcopal Church of the Diocese of Washington,” be, and the same is hereby, amended so as to read as follows:
" “Sec. 2. That the said corporation shall have full power and Power and authority increased.Vol. 29. p. 59, amended.authority to take and hold subscriptions, contributions, donations, grants, devises, or bequests, in money, real estate, or otherwise, which heretofore have been made or which may hereafter be made for the purpose of an Episcopal residence, diocesan house, church colleges, church or parish schools, churches, or mission chapels, and for the purpose of creating a permanent fund or endowment for the support of the episcopate in said diocese, and to or in behalf of religious, missionary, charitable, or educational agencies’ uses or purposes now existing or hereafter to exist, under the jurisdiction, control, or sanction of said convention within the limits of said diocese, the annual income from which shall not exceed one hundred thousand dollars, and the same to invest and the proceeds thereof to apply for the purposes aforesaid as may from time to time be deemed most expedient, and to appoint, in its discretion, an executive committee or other trustees, boards, or agencies, by whatsoever name or names they may be designated, to administer such funds or property in such manner and form and with such authority as the said corporation shall from time to time prescribe: *Provided, however, and always*, That in such administration *Provisos.*Administration of funds.Investmente permitted.the respective funds shall be kept distinct and separate; that each fund shall be held liable only for obligations that may have been incurred in its own proper behoof; and that the principal sum or amount of such subscriptions, contributions, donations, grants, devises, and bequests for permanent endowment of the episcopate shall be at all times invested in bonds of the United States, or of the District of Columbia, in first-class state or municipal securities; in first mortgages or first deeds of trust on real estate not exceeding sixty per centum of the value of such real estate or in the first mortgage bonds of any railroad corporation, which has for live consecutive years immediately preceding such investment paid dividends on its common stock and the expenses of administering the same, the salary of the bishop, and other charges shall be payable and paid only out of the annual interest, dividends, or profits thereof: *And provided further*, That unless this amendment Acceptance by convention.shall be accepted by resolution of the convention of the said diocese at its next annual meeting, and a copy of such resolution of acceptance, certified by the secretary of the convention, be filed for record with Record.the recorder of deeds of the District of Columbia within sixty days thereafter, the same shall become void and of no effect.
” " Approved, February 2, 1907.