All property and investments belonging to Britain Yearly Meeting and its constituent meetings must be managed by trustees on behalf of the meeting or other body concerned, to which reports should be made at suitable intervals. It is generally advisable that trusts should be held on behalf of area meetings rather than local or general meetings. A special arrangement applies in London & Middlesex General Meeting, where members of Six Weeks' Meeting act as trustees for property (5.08). Where trust property belongs to, or other trusts are under the care of, local meetings, the area meeting is to exercise a general oversight of them.
It is recommended that all property and investments of meetings in England & Wales should be held in the name of Friends Trusts Limited as custodian trustee of the Society, and not in the names of individual trustees. This will relieve meetings of the need to transfer ownership each time a trustee ceases to act and a new one is appointed. It means that Friends Trusts Limited will be the legal owner of the property but that the beneficial ownership and management will remain with the meeting or other Quaker body concerned. As a trust corporation Friends Trusts Limited is a permanent legal entity and this makes it easier for it to effect property transactions and to enter into legal contracts.
See also 7.11
Next: 15.04
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