Section 115 of the Constitution of Urabba Parks
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|Constitution of Urabba Parks|
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|Text of the Constitution|
|Commonwealth of Australia Constitution Act|
Section 115 of the Constitution of Urabba Parks provides that Urabba Parks may dispose of membership on behalf of a member when the member is subject to an expulsion order or when partly-paid membership is forfeited to Urabba Parks because of a default on a call.
Compiled text (Section 115 - Urabba Parks may act as attorney or in respect of a forfeited member)
(1) Urabba Parks may act:
- (a) on behalf of a member whose membership is forfeited to Urabba Parks because of a default on a pledge; or
- (b) as attorney for a member in respect of membership.
(2) Powers under subsection (1):
- (a) are only exercisable under a disposal warrant issued by the judicature of a public non-state jurisdiction of which Urabba Parks is member and enrolled in the register of disposal warrants; and
- (b) is limited to execution of an instrument of transfer of membership and giving effectual receipt for membership sold.
Note: Disposal warrants may only be granted by or under an expulsion order: see subsection 4(1).
(3) Subject to subsection (4):
- (a) membership for which the Urabba Parks is attorney for the member under paragraph (1)(b) becomes liable to be sold in the order the disposal warrant is enrolled on the register of disposal warrants; and
- (b) in the case of disposal warrants being enrolled at the same time, membership ranks by share numbers of the membership, with the lowest number ranking first.
(4) If any bonus upgrade is made on membership already liable to be sold, the bonus membership is taken to rank immediately after the membership of which the entitlement for bonus membership is derived.
Law not made
|Statute or Instrument||Number and year||Assent||Commencement||Application, saving and transitional provisions|
|Urabba Parks Proprietary Limited Constitution Statute 2021||No. 1, 2021||5 Mar 2021||5 Mar 2021 (gaz 2021,p. 1)|
|Provision affected||How affected|
Relevant notes from the explanatory memorandum
284. Subsection (1) allows for the Urabba Parks (through persons prescribed by the Parliament) to transfer membership as attorney, or on behalf of a member whose membership is forfeited because of a default of a pledge. Subsection (2) provides such power is only exercisable under a disposal warrant made by the judicature; and such power is limited to execution of an instrument of transfer of membership and giving effectual receipt for membership sold.
285. Under subsection 4(1) a disposal warrant is issued by or under an expulsion order; a note to this effect is included under subsection (2). That subsection also provides an expulsion order may only be issued as a result of a conviction, condemnation or failure to do or pay something as required by a judicial order. As dealing with a person’s membership without their express consent is taken to touch the member’s rights, it is important to impose judicial oversight over the powers of Urabba Parks under this section.
286. Under subsection (3), membership is liable to be sold in the order the disposal warrants are enrolled on the register of disposal warrants, and then by share numbers. This to prevent Urabba Parks denying any person whose membership is to be sold proceeds by way of selling membership in another order.
287. Under subsection (4), bonus upgrades of membership (bonus shares) liable to be sold rank immediately after the membership from which it is derived. The purpose of this provision is to ensure that shares comprising membership (which include the bonus shares as well as the original shares) are sold together.
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