Section 105 of the Constitution of Urabba Parks

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Section 105 of the Constitution of Urabba Parks provides that the Parliament may repurchase membership.

Compiled text (Section 105 - Selective reduction of membership)

(1)    The Parliament may enact laws by special resolution:

(a)    to acquire membership; or
(b)    in respect of membership specifically attached to property under the rules of an association:
(i)     to approve by special resolution the acquisition of membership to which is attached to property in exchange for a charity distribution of the property; or
(ii)    if the member is also an eligible charity, approve by resolution under section 258B of the Corporations Act 2001 of the Parliament of the Commonwealth – to exchange the membership for the real property to which the membership is so attached;

subject to any such conditions as the Parliament sees fit.

(2)    No consideration shall be given by Urabba Parks for its membership except for the following, being consideration:

(a)    mandated by an Australian law or court order;
(b)    that is of no value;
(c)    to enter into a lawful agreement or undertaking with a charity or government entity not provide a particular service in a particular area, or to refer an entity seeking a particular service to another entity for an agreed length of time;
(d)    of an amount paid up or interest outstanding on service membership;
(e)    of equity instruments in a charity;
(f)    of a charity distribution of money in the Consolidated Revenue Fund appropriated by a law made under subsection (1);
(g)    of a charity distribution of property of the entity of which membership is granted that is approved by the entity.

Enactment information

Status

Proposed

Commencement

Law not made

Entrenchments

Endnotes

Please see information about the endnotes and the abbreviation key

Legislation history
Statute or Instrument Number and year Assent Commencement Application, saving and transitional provisions
Constitution Adoption 2021 No. 1, 2021 11 Jan 2021 1 Feb 2021 (gaz 2021,p. 1)
Amendment history
Provision affected How affected

Relevant notes from the explanatory memorandum

268. This section provides the Parliament may make a selective reduction of membership (a purchase of membership by Urabba Parks).  Any consideration for the selective reduction must be in the form of a charity distribution, repayment of service membership or non-compete agreement with a charity or government entity.  The consideration must be approved by the Parliament, and in the case of the funds of an entity funding the selective reduction, the entity.  A member or group of members may wish to have their membership purchased for a number of reasons, including the transfer of an association to another company.  The intention of this section is to clarify the not-for-profit nature of membership interests, by ensuring that proceeds of the purchase are applied towards the charitable purposes of Urabba Parks.

See also

Notes

Judgments

Further reading

External links