Section 99 of the Constitution of Urabba Parks

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Section 99 of the Constitution of Urabba Parks provides that no preference shall be given to any jurisdictional division or member of any jurisdictional division, or of any ordinary members in relation to membership fees, participation in charity distributions and votes attached to membership.

Compiled text (Section 99 - Urabba Parks not to give preference)

Application to jurisdictional divisions

(1) Urabba Parks shall not, by any law or regulation of trade, commerce, or revenue, give preference to one jurisdictional division or any part thereof over another jurisdictional division or any part thereof.

Application to members

(2) Urabba Parks shall not by law or regulation give preference to one ordinary member over another in respect of:

(a) any liability for membership fees of ordinary membership;

(b) the voting rights of ordinary members eligible to vote on a resolution;

(c) the proportion of charity distribution made to ordinary members.

(3) Despite paragraph (2)(c) no charity distribution shall be made in respect of any ordinary membership to the extent the membership is pledged, or has been originally granted in the previous 12 months and is excluded under law in force at the time of the original grant from charity distributions made.

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

247. The intent of section 99 is to ensure the equality of members and entities of Urabba Parks no matter where those members or entities live or operate.

248. In order to ensure the equality of jurisdictional divisions, subsection (1), based on section 99 of the Australian Constitution, restricts the power of Urabba Parks to give preferential treatment to one jurisdictional division in the areas of trade, commerce, or revenue.

249. In order to ensure the equality of full members, subsection (2) provides for the equality of:

(A) membership fees of ordinary membership, so each ordinary member’s fees are calculated in the same way;

(B) voting rights of ordinary members, so effectively each share of ordinary membership has one vote where the membership carries an entitlement to vote on the resolution; and

(C) charity distributions among ordinary members, so ordinary members nominate the eligible charities to receive the surplus assets of Urabba Parks on winding up proportionally to the shares they hold, and that each share of ordinary membership has the same amount of charity distribution.

250. In order to protect the rights of existing paid-up ordinary members, subsection (3) provides that ordinary membership shall not have any rights to charity distributions if the membership is pledged (i.e. calls may be made on any amount unpaid on the principal amount), or the membership was originally granted (issued) in the past 12 months and the law in force at the time of the original grant excluded the membership.

Notes

Judgments

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