The General Assembly [pp. 545-580]

The General Assembly.
importance to the interests of the General Assembly. It is but
just that these labours, both of the special Committee of 1852,
and the Committee of the Board, prompted by love to Zion
and her interests, should be gratefully acknowledged by the
General Assembly.
Your Committee recommend that the losses sustained heretofore by the trust funds, be repaired; and that a special committee be appointed by the General Assemblyfor that purpose.
The principle of averaging the losses that have heretofore
occurred, between the several trusts represented in the common
fund invested at the time the losses occurred, seems to your
committee, under the circumstances set forth in the Report of
the Board of Trustees, equitable; but in future, this committee
recommend that there be endorsed on each security held, a distinct designation of the particular trust or trusts to which it
belongs, so that any future losses shall fall upon the trust or
trusts interested in the investment.
The Report of the Board of Trustees is reported to the
General Assembly, with the recommendation that the following
resolutions be adopted:
1. Resolved, That the Report of the Board of Trustees is
approved, and it is recommended by the General Assembly to
the Board of Trustees to open a new set of books in accordance with the Report of the Board, and to cause hereafter a
distinct account of each trust fund to be kept therein.
2. Resolved, That (unless the authors of the fund otherwise
specially direct,) any investment may cover more than one trust,
at the discretion of the Board of Trustees,provided the amount
of the interest of each trust in the investment shall be endorsed
on the mortgage or ground rent; so that hereafter, in case of
loss, the same may be charged to the account of the trust or
trusts interested in the security.
3. Resolved, That so much of the direction of the General
Assembly of 1852 to the Board of Trustees as implied that
each trust must be separately invested, be rescinded.
4. Resolved, That a copy of these resolutions be furnished
by the Stated Clerk to the Board of Trustees, and that the
Reports of the Treasurer, and of the Board of Trustees, with
the memorial of members of the Committee on Finance of
578
[JULY,