Section 93 of the Constitution of Urabba Parks
|This article is part of the series|
|Constitution of Urabba Parks|
|Chapters of the Constitution|
|Text of the Constitution|
|Commonwealth of Australia Constitution Act|
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.
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
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.
|Wikisource has original text related to this article:|