Constitution of Urabba Parks/Section 84

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Chapter 4 >>Part 1 >>Division 1 >>Subdivision B >>Section 84

Trust Fund[edit | edit source]

(1)  There shall be a Trust Fund consisting of:

(a)  any moneys received by the Executive Government for an entity formed under the law of Urabba Parks; and
(b)  amounts earned on such funds;

less any amounts transferred to the entity or nominee on application of the entity, and such application shall be subject to such procedures and restrictions as the Parliament prescribes.

(2)  Upon receipt of amounts falling under subsection (1) the Consolidated Revenue Fund is, to the necessary extent, appropriated accordingly.

(3)  Unless the Parliament otherwise provides, the amounts received, held or transferred from the Trust Fund may be reduced by amounts:

(a)  owing to the Executive Government of Urabba Parks or a jurisdictional division;
(b)  judged as debt of the entity (or another entity that the entity is a guarantor) by the judicial power of a non-state jurisdiction falling in paragraph 9(4)(b); and
(c)  charged in respect of amounts received, held or transferred from the Trust Fund as the Parliament prescribes.

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

215. Subsection (1) provides that when funds for an entity formed under the internal law are received by the Executive Government and amounts earned on such funds, and also provides such funds shall be kept in the Trust Fund until forwarded to the entity or deducted under subsection (3). Subsection (2) provides for the automatic appropriation of the Consolidated Revenue Fund for amounts to form part of the Trust Fund. The Parliament may prescribe procedures and restrictions on an application by an entity to have its money transferred or applied; such procedures could include having the application being heard in a tribunal.

216. Subsection (3) also provides for the deduction from the Trust Fund of fees and charges, debts to the Executive Government and judgement debts. This provision clarifies the authority to discharge debts of entities from amounts received in the Trust Funds.

217. This section provides the Parliament with the ability to enact financial control measures. For example, could be possible for the Parliament to provide that revenue or a class of revenue of an entity is to be received by the Executive Government on behalf of the entity, such monies to be held in the Trust Fund on trust for the entity. The Parliament may also provide that for the entity to access the funds it must apply to a tribunal and provide reasons for the application. The intention of this section is to ensure the proper application of charity resources by giving the Parliament the power to exert financial control.