Constitution of Urabba Parks/Covering clause 3

From Urabba Parks Pty Ltd
Jump to navigation Jump to search

Covering clauses >>Part 1 >>Division 2 >>Covering clause 3

Act to extend to the Founder’s successors[edit | edit source]

The provisions of this Statute referring to the Enactor shall extend to the Founder’s heirs and successors holding foundation of Urabba Parks3.

Note to this section[edit | edit source]

2. Covering Clause 2 – The Proclamation under covering clause 2 was made on 5 March 2021 (see page 257) and published in Gazette 2021, S1, pp. 1 and 2.

Relevant notes from the Explanatory Memorandum[edit | edit source]

10. This clause provides that the provisions in this Statute apply to the Founder’s heirs and successors holding foundation of Urabba Parks.

11. It is therefore implied that the Enactor is the successor of the Founder. A person who has the right to succeed the founder of an entity is taken to hold foundation in an entity.

12. In this Constitution, the Management is the entity that represents the perpetual succession of the jurisdiction; the Management in Right of Urabba Parks is inseparable from Urabba Parks. Essentially the Management is the internal legal equivalent to the Crown.

13. Foundation in an entity is a legal right which can only be held by virtue of laws made by or having effect over the entity. In order a person to hold foundation, the person must be a state jurisdiction (which can make a law having effect over an entity, referred to as a fundator incipiens), or be a member of an entity who holds the right under the entity’s constitutional structure to succeed (referred to a fundator perficiens). For example, Her Majesty the Queen, as the enacting component of the Parliament of the Commonwealth of Australia, has Foundation in Urabba Parks (as fundatrix incipiens) because Urabba Parks derives its existence by registration under the Corporations Act 2001 of the Parliament of the Commonwealth.

14. A person may also hold foundation through entities where foundation is held by the person. The Enactor will hold foundation in Urabba Parks by way of holding foundation in D.J. Racovolis Services Proprietary Limited, which in turn holds the share of foundation membership succeeding to the Management. See note 279(Y) for more information on foundation membership.

15. The reference to the Founder’s heirs and successors in foundation in this clause is intended to imply that the successor to the Management is the heir or successor who ‘manages’ the entity comes from within the entity as a fundatio perficiens, because they are charged with managing the entity; management being entrusted to persons appointed by the entity unless the entity is under external administration.