Section 94 of the Constitution of Urabba Parks

From Urabba Parks
Jump to navigation Jump to search

Previous Section|Table of Provisions|Next Section

Section 94 of the Constitution of Urabba Parks

Compiled text (Section 94 - Distribution of surplus)

(1)    In winding-up, the liquidator is to have as much regard as practicable to the legal rights of the membership in relation to the making of charity distributions.

(2)    Any member whose legal rights in respect of charity distribution entitlements are not fully satisfied is allocated to a giving pool, for the purposes of division among eligible charities as chosen by those members by further charity distributions.

(3)    In a giving pool constituted under this section:

(a)    the liquidator may, with the sanction of a special resolution of the members comprising the giving pool, make charity distributions in respect of any or all of those members;
(b)    for any amount not distributed under paragraph (a) the liquidator may, with the sanction of a preferential vote of the members comprising the giving pool and whose legal rights are not fully satisfied by charity distributions made under that paragraph, make charity distributions in respect of all of those members; and
(c)    unless otherwise agreed by a member, in no circumstances shall a member be required to nominate for charity distribution securities of which there is a liability.

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

241. This section provides for the rights of members in giving pools that are constituted upon winding up where the legal rights in respect of membership cannot be satisfied.  For example, a giving pool could be constituted under this section because there could be non-cash assets left in the associations and Consolidated Revenue Fund that need to be divided up among charities chosen by members.  Members shall have a preferential vote on the distribution of the assets remaining in the giving pool following a special resolution on the division of these assets.  A charity is not required to accept any securities of which there is a liability.  This section clarifies the process in finalising the distribution of surplus assets among charities.

See also

Notes

Judgments

Further reading

External links