Saturday, January 24, 2009

Schism causes Morgan Stanley to freeze Episcopalian accounts

Just a reminder of the agreement signed by the leadership of those in Pittsburgh who are now affiliated with the Southern Cone:

Property, Whether real or personal (hereinafter "Property"), held or administered by the Episcopal Diocese of Pittsburgh of the United States of America (hereinafter "Diocese") for the beneficial use of parishers and institutions of the Diocese, shall continue to be so held or administered by the Diocese regardless of whether some or even a majority of the parishes in the diocese might decide not to remain in the Episcopal Church of the United States of America. For the purposes of this paragraph, Property as to which title is legitimately held in the name of a parish of the Diocese shall not be deemed Property held or administered by the Diocese.

That can be found here-

It shouldn't be a surprise that Morgan Stanley would want to know who it is that they are accountable to. From the Post Gazette-

Financial services firm Morgan Stanley has frozen the accounts of the Episcopal Diocese of Pittsburgh because it is unsure who should be allowed to access them.

In a letter Jan. 13, the firm said it would not allow any further distributions until it received a court order listing those authorized to use the accounts.

The dispute stems from a split in the church. In October, a group that represents about 60 percent of the local parishes voted to join the more theologically conservative Anglican Province of the Southern Cone in South America. That group now calls itself the Episcopal Diocese of Pittsburgh (Anglican).

The original diocese continues to identify itself as the Episcopal Diocese of Pittsburgh.

Actually, the Southern Cone group filed three separate motions last Tuesday. The TEC Diocese's explanation can be found here-

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