WHEREAS The United Church of Canada by its petition has represented that it was incorporated by The United Church of Canada Act (Canada) and power was given to it to make loans and invest moneys by clause c of section 18 of that Act; that by section 21 of The United Church of Canada Act (Ontario) the Church and all boards, committees or other bodies established, appointed or created by it pursuant to the provisions of the Act of Incorporation or the last-mentioned Act were given all rights, powers and privileges conferred or intended to be conferred upon it or them by such Acts or either of them within Ontario; that the power of the Church to make investments was extended by An Act to amend The United Church of Canada Act, being chapter 84 of the Statutes of Canada, 1951, and The United Church of Canada Act, 1951 (Ontario) to authorize investment in securities in which Canadian insurance companies are authorized, from time to time by the Parliament of Canada, to invest funds subject to the limitations on investments in stocks, bonds and debentures set out in The Canadian and British Insurance Companies Act, 1932 (Canada); and that an application has been made to the Parliament of Canada for legislation extending the power of The United Church of Canada to invest and re-invest its moneys, including moneys held for The Pension Funds of the Church, in the investments in which Canadian insurance companies are from time to time authorized by the Canadian and British Insurance Companies Act, except as to the limitation set out in subsection 7 of section 63 thereof, to invest and re-invest their moneys; and whereas the petitioner has prayed for special legislation in respect of the matters hereinafter set forth; and whereas it is expedient to grant the prayer of the petition;

Therefore, Her Majesty, by and with the advice and consent of the Legislative Assembly of the Province of Ontario, enacts as follows:

1.—(1) If the Parliament of Canada authorizes The United Church of Canada to make such investments, The United Church of Canada and all boards, committees or other bodies established, appointed or created by it pursuant to The United Church of Canada Act (Canada) and The United Church of Canada Act (Ontario) shall have and may exercise within Ontario power to invest and re-invest its moneys, including moneys held for The Pension Funds of the Church, in the investments in which Canadian insurance companies are from time to time authorized by the Canadian and British Insurance Companies Act (Canada) to invest and re-invest their moneys, and shall have all such rights and remedies for the collection, enforcement or repayment thereof as any individual or corporation would have by law in the premises.

(2) Such investments are not subject to the limitation set out in subsection 7 of section 63 of the Canadian and British Insurance Companies Act (Canada).

2. When section 1 becomes effective by virtue of The United Church of Canada being authorized by the Parliament of Canada to make the investments referred to in subsection 1 of section 1, The United Church of Canada Act, 1951 (Ontario) is repealed.

3. This Act comes into force on the day it receives Royal Assent.

4. This Act may be cited as The United Church of Canada Act, 1961-62.

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© Queen's Printer for Ontario, 1961-62. This is an unofficial version of Government of Ontario legal materials.