Section 85 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 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 Gift Revenue Fund of which shall consist of amounts that form any public fund held beneficially by Urabba Parks, and upon any receipt of money into a public fund the Consolidated Revenue Fund is to the necessary extent appropriated accordingly.
(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 the Visitatorial Commission (if the Commission has at least 3 members) or another body provided by the Parliament:
- (a) that represents the Management; and
- (b) that has at least three members; and
- (c) 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).
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
218. Subsection (1) provides for a Gift Revenue Fund which consists of amounts held as gift funds . 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 , except in the case of winding-up of the fund, may only be voluntarily applied by Urabba Parks with the approval of the Visitatorial Commission 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 the public 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.
- * subsection 4(1) defines a gift fund as a fund maintained under section 30.130 of the Income Tax Assessment Act 1997
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