Section 93 of the Constitution of Urabba Parks

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Section 93 of the Constitution of Urabba Parks provides for charity distributions upon winding-up.

Compiled text (Section 93 - Entitlement to charity distributions)

(1)    Upon the winding-up of Urabba Parks, and after the settlement of the debts and obligations under paragraph 88(2)(a):

(a)    members of Urabba Parks shall first participate in the charity distribution of the property of the granting entity of which their membership is granted in;
(b)    if the legal rights of members of Urabba Parks are not sufficient to cover the property of the granting entity at the time the charity distribution is made upon winding-up, the liquidator shall make a charity distribution to the other members;
(c)    the assets in giving pools and giving accounts shall be paid or applied to eligible charities nominated by members of giving pools and the holders of giving accounts; and
(d)    surpluses and losses are borne in equal proportion.

(2)    The Consolidated Revenue Fund is to the necessary extent appropriated accordingly in respect of any charity distribution made by the liquidator.

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
Constitution Adoption 2021 No. 1, 2021 11 Jan 2021 1 Feb 2021 (gaz 2021,p. 1)
Amendment history
Provision affected How affected

Relevant notes from the explanatory memorandum

240. This section provides that assets of granting entities are distributed to charities nominated by the members granted in the entity.  Any excess of the amounts in the granting entity over the legal rights of the membership are made as charity distributions to the other members.  If the legal rights of membership exceed the assets of a granting entity those members get charity distributions from other assets of Urabba Parks. For example:

(A) if members of a granting entity hold 10% of the full membership in Urabba Parks, and the entity represents 15% of the total corporate assets on winding-up, those members only receive a charity distribution on the assets in the entity representing 10% of the total assets, with the rest being distributed to the other members;
(B) if members of a granting entity hold 10% of the full membership in Urabba Parks, and the entity represents 5% of the total assets on winding-up, those members receive a charity distribution on all the assets in the entity and a further distribution of the from the assets of Urabba Parks for the remaining 5% of the assets.

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Notes

Judgments

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