Section 85 of the Constitution of Urabba Parks

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Section 85 of the Constitution of Urabba Parks establishes the Gift Revenue Fund, which is to hold tax deductible gifts made to Urabba Parks.

Compiled text (Section 85 - Gift Revenue Fund)

(1)    There shall be a part of the Trust Fund known as the Gift Revenue Fund of which shall consist of gift funds held beneficially by Urabba Parks.

(2)    Except upon the winding-up of the fund, Urabba Parks shall not voluntarily apply any part of a public fund unless such application is approved a body:

(a)    that has at least 3 members; and
(b)    the majority of members required to vote in favour on for any resolution of the body must be qualified to occupy a visitatorial place (category V) under section 102.

(3)    Upon winding-up of a public fund, Urabba Parks may make a charity distribution on the amounts remaining in any public fund to full members.

Note:    Special rules apply to charity distributions from public funds: see subsection 92(1).

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
Urabba Parks Proprietary Limited Constitution Statute 2021 No. 1, 2021 5 Mar 2021 5 Mar 2021 (gaz 2021,p. 1)
Amendment history
Provision affected How affected

Relevant notes from the explanatory memorandum

218. Subsection (1) provides for a Gift Revenue Fund which is a part of the Trust Fund consisting of amounts held as gift funds [note 1]. This provision is to ensure that gift funds are only applied for purposes for which the gift fund is established.

219. Subsection (2) provides that any part of a public fund [note 2], except in the case of winding-up of the fund, may only be voluntarily applied by Urabba Parks with the approval of a body consisting of at least 3 members who are also qualified to occupy a visitatorial place (category V) under section 102.  This provision ensures that persons with a responsibility to the Australian community participate in the management of the public fund, which is essential to the continuing endorsement of the public fund to receive tax deductible donations.

220. Subsection (3) provides Urabba Parks may make a charity distribution to full members of the public fund upon winding up of the fund.  There is also a note confirming the application of subsection 92(1) in relation to the charity distribution; under that provision the restrictions that apply to public funds shall apply to the charity distribution from the fund.  Therefore, while full members will be able to determine what charities will receive the proceeds of the fund on winding-up, the members will only be able to nominate Deductible Gift Recipients within the meaning of the Income Tax Assessment Act 1997.

[Note 1]     Subsection 4(1) defines a gift fund as a fund maintained under section 30.130 of the Income Tax Assessment Act 1997

[Note 2]     Subsection 4(1) also defines a public fund as a gift fund endorsed under Division 30 of the Income Tax Assessment Act 1997 as a public fund

See also

Notes

Judgments

Further reading

External links