SECTION 1.35 There shall be a Board of Trustees of the Diocese which shall be composed of the Bishop of the Diocese and the Treasurer of the Diocese and seven (7) other members who shall be Communicants in good standing residing in this Diocese, and who shall be nominated by the Bishop and the Standing Committee, subject to confirmation by the Convention as follows:
(a) Immediately upon the adoption of this Canon, said four members shall be nominated and confirmed; one for a term of four years, one for a term of three years; one for a term of two years; and one for a term of one year.
(b) Annually thereafter, one member of said Board shall be nominated and confirmed for a term of four years.
SECTION 2.(a) The said Board of Trustees shall have the custody and control of, and be charged with the securities, all endowment funds and securities, and all permanent funds and securities, of whatsoever kind, belonging or appertaining to the Diocese and to each and every Mission, School, Home, Corporation and Institution, other than a Parish, connected with the Diocese.
(b) When any funds or securities shall be placed under the custody and control of the Board of Trustees of the Diocese, on the written approval of the Bishop and the Standing Committee of the Diocese, no owner or beneficiary of such funds or securities shall have any right or power to question such custody by the Board of Trustees.
(c) Any funds, securities or other property or part thereof under the custody and control of the Board of Trustees of the Diocese may be withdrawn from such custody or control on the written request of the owner and/or beneficiary of such property, upon proper resolution of its governing authority, (in the case of the Diocese, its Convention or its Diocesan Council) and provided the Bishop and the Standing Committee of the Diocese also consent thereto in writing. The release of any such property by the Board of Trustees of the Diocese shall never be construed to permit the use of such property by such owner and/or beneficiary otherwise than in strict accordance with any trust, devise, deed, donation or agreement affecting such property.
SECTION 3. The custody, control and investment and reinvestment of funds and securities provided for herein shall always be for the sole and exclusive use and benefit of the Diocese, or of the Mission, School, Home, Corporation or Institution to which respectively such funds and securities appertain or belong: all in strict accordance with the conditions and stipulations under which the Diocese, and any Mission, School, Home, Corporation or Institution respectively acquired and holds such funds and securities.
SECTION 4. The said board of Trustees shall deposit all of such funds and securities coming under its control with a federally insured bank or a federally insured savings and loan association domiciled in Louisiana, under appropriate agency agreements, provided that no such agreement shall authorize or permit such depository to invest or reinvest funds or securities except by specific direction of said Board of Trustees.
SECTION 5. All accounts under control of the Board of Trustees shall keep their respective integrity; however, for greater benefits of investment management they may be combined or pooled. All revenues accruing from each and every fund, less necessary and proper expenses, shall be promptly and regularly remitted and paid over to the beneficiary of said fund.
SECTION 6. Any withdrawal payment shall be computed on the basis of the valuation set forth in the last preceding report of the Board's investment advisors. Any participating interest administered by the Trustees shall be computed by using the valuation as set forth in the last preceding report of the Board's investment advisors.
SECTION 7. So long as such is deemed to be in the best interest of the Diocese, as determined by the Bishop and Diocesan Council, the Board of Trustees may pool its investments and fund management activities with those of the Board of Trustees of the Diocese of the Episcopal Church of Louisiana and operate the same as a single pool.
SECTION 8. The said Board of Trustees shall submit an annual report to the Convention, showing the status of all property entrusted to it, and a financial statement of receipts and disbursement of all funds.
SECTION 9. All proper expenses of the Board of Trustees shall be paid by the Treasurer of the Diocese. The Board shall be specifically authorized to retain the services of such professional advisors as may be deemed necessary to carry out its function of fund management and investment.