Section 105 of the Constitution of Urabba Parks
|This article is part of the series|
|Constitution of Urabba Parks|
|Chapters of the Constitution|
|Text of the Constitution|
|Commonwealth of Australia Constitution Act|
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.
Law not made
|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)|
|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.
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