Section 89 of the Constitution of Urabba Parks

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Section 89 of the Constitution of Urabba Parks sets out the conditions for the redemption or repurchase of service membership.

Compiled text (Section 89 - Redemption or repurchase of service membership)

Conditions of redemption or repurchase

(1) Service membership may only be redeemed or repurchased for consideration:

(a) in the order of the redemption queue, being:

(i) by the time by which membership was registered on the queue, whether by application or on a certain time, and unless a time of day is registered membership is taken to be added to the queue at the end of the day so registered; and

(ii) in the case of membership is registered or taken to be registered at the same time – by the share numbers on the membership;

(b) for the amounts paid up and any outstanding interest and charity distribution entitlements on the membership;

(c) only if any interest and accumulated charity entitlements on the membership may be paid out or disregarded;

(d) from amounts appropriated under law for the ordinary reduction of service membership; and

(e) in the case of redemption – from profits authorised under law for redemption, and upon redemption, the Consolidated Revenue Fund is appropriated to the necessary extent for amounts payable in respect of the redemption.

(2) Upon redemption of service membership, the Consolidated Revenue Fund is appropriated to the necessary extent for amounts payable in respect of the redemption.

(3) Membership may be liable to be redeemed for no consideration on terms as provided under law in effect either on original grant or with the consent of the member.

Method of redemption

(4) A body exercising corporate jurisdiction may redeem service membership upon application by the member or another person provided under law, but only if the associated redemption is lawful under any relevant law (including section 254K of the Corporations Act 2001 of the Parliament of the Commonwealth).

Note: Urabba Parks may also repurchase service membership: see paragraph 105(b).

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

227. Subsection (1) puts limits on the redemption of service membership, including:

(A) a redemption queue (being the order in which applications are lodged and for applications lodged at the same time, by the share numbers on the membership) will allow for redemption applications in the order in which they are received, ensuring fairness among dealings with members;

(B) for the amounts paid up or owing as interest or charity distributions in respect of the membership – this is to ensure the terms of redemption are consistent with the debt nature of service membership;

(C) from profits authorised under law for redemption – as redemptions may only be made from amounts appropriated and profits authorised by the Parliament for the purposes of redemption.

Subsection (2) provides the Consolidated Revenue Fund is appropriated to the necessary extent upon redemption of membership.

228. Subsection (3) provides for the redemption of membership for no consideration on conditions on the original grant of the membership or with the consent of the holder. Service membership may come with the condition it may be redeemed for no consideration if the membership has rights to present to an office and in the case of removal for misbehaviour such as the removal of a judicial officer under subparagraph 72(1)(c). The purpose of this provision is to prevent the redemption of service membership for no consideration except where the member is clear on the circumstances in which this may occur.

229. Under subsection (4), service membership is redeemable upon application by a member to the judicature. Placing the power of redemption in the judicature ensures that there is an independent arbiter of redemption decisions. Membership can also be repurchased by the Parliament under paragraph 105(b) (see note 267).

Notes

Judgments

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