Section 95 of the Constitution of Urabba Parks

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Section 95 of the Constitution of Urabba Parks authorises the government to borrow funds from entities with the approval of the Court of Directors in exceptional circumstances.

Compiled text (Section 95 - Borrowing from entities)

(1)    Subject to this section and any further laws made by the Parliament, the Manager‑General in Council may authorise an officer of the Executive Government of Urabba Parks to apply to:

(a)    the Executive Government of a jurisdictional division;
(b)    a campus government entity; or
(c)    an association;

to borrow money from the jurisdictional division, campus government entity or association on the terms and conditions as authorised by the Manager‑General in Council.

(2)    No drawing from the funds of an entity falling in subsection (1) shall take place until agreed to by the entity or authorised under subsection (3).

(3)    The Court of Directors, or another judicial body of Urabba Parks as the Parliament prescribes may, upon an application made under subsection (1), authorise borrowing from the jurisdictional division, campus government entity or association if it is satisfied the requirement for cash:

(a)    is critical to the protection of the solvency or financial standing of Urabba Parks as a whole; and
(b)    outweighs any requirement or expectation established under this Constitution (whether expressly or by implication) that money for the Executive Government of a jurisdictional division, campus government entity or association is to be expended in a manner consistent with the law of the jurisdictional division, campus government law or rules of an association.

(4)    In this section, borrow money includes the offering of the Executive Government of Urabba Parks any security over rights of the Executive Government of a jurisdictional division, a campus government entity or association for the benefit of the Executive Government of Urabba Parks.

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

242. This section allows the Executive Government, with the consent of the entity or order issued by the judiciary, to borrow money from an entity or use the entity’s assets as security for any loan.  Subsection (3) provides the power is to be used when critical for the protection of the solvency or financial standing of Urabba Parks as a whole.  Subsection (4) includes the definition of borrowing to include a granting of security over any assets.  The purpose of this section is to allow Government to have access to funds where it appears there is a situation adversely affecting the solvency or financial standing of Urabba Parks as a whole.

See also

Notes

Judgments

Further reading

External links