Section 84 of the Constitution of Urabba Parks
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|Constitution of Urabba Parks|
|Chapters of the Constitution|
|Text of the Constitution|
|Commonwealth of Australia Constitution Act|
Section 84 of the Constitution of Urabba Parks establishes the Trust Fund, which consists of monies held by the government on behalf of entities formed within Urabba Parks.
Compiled text (Section 84 - Trust Fund)
(1) There shall be a Trust Fund consisting of:
- (a) any moneys received by the Executive Government for an entity formed under the law of Urabba Parks, and upon receipt of such amounts the Consolidated Revenue Fund is to the necessary extent appropriated accordingly; and
- (b) any amounts earned on such funds;
less any amounts transferred to the entity or nominee on application of the entity, and such application shall be subject to such procedures and restrictions as the Parliament prescribes.
(2) Unless the Parliament otherwise provides, the amounts received, held or transferred from the Trust Fund may be reduced by amounts:
- (a) owing to the Executive Government of Urabba Parks or a jurisdictional division;
- (b) judged as debt of the entity (or another entity that the entity is a guarantor) by the judicial power of a non-state jurisdiction falling in paragraph 9(4)(b); and
- (c) charged in respect of amounts received, held or transferred from the Trust Fund as the Parliament prescribes.
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
215. Subsection (1) provides that when funds for an entity formed under the internal law are received by the Executive Government, such funds shall be kept in the Trust Fund until forwarded to the entity. An example of the receipt of funds by the Executive Government could include a payment gateway operated by Government. The Parliament may prescribe procedures and restrictions on an application by an entity to have its money transferred or applied; such procedures could include having the application being heard in a tribunal.
216. Subsection (2) also provides for the deduction from the Trust Fund of fees and charges, debts to the Executive Government and judgement debts. This provision clarifies the authority to discharge debts of entities from amounts received in the Trust Funds.
217. This section provides the Parliament with the ability to enact financial control measures. For example, could be possible for the Parliament to provide that monies of an association or a class of association are to be deposited in an account held by the Executive Government, in turn to being held in the Trust Fund. The law may furthermore provide that for the committee of management to access the funds it must apply to a tribunal and provide reasons for the application. The intention of this section is to ensure the proper application of charity resources by giving the Parliament the power to exert financial control.
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