Constitution of Urabba Parks/Section 105

Table|Notes|Previous|Next|Download

Selective reduction of membership

No consideration shall be given by Urabba Parks for its membership except for the following:

(a)  amounts mandated by an Australian law or court order;

(b)  amounts paid up or interest outstanding on service membership;

(c)  a charity distribution;

(d)  to enter into a lawful agreement or undertaking with a charity not provide a particular service in a particular area, or to refer an entity seeking a particular service to another entity for an agreed length of time;

(e)  of membership of a charity, including membership in the form of shares.

Relevant note from the Explanatory Memorandum

268. This section provides that consideration for membership must be of amounts mandated by an Australian law or court order or in the form of the repayment of service membership, a charity distribution, a non-compete agreement with a charity or of membership of a charity, including membership in the form of shares. A member or group of members may wish to have their membership purchased for a number of reasons, including the transfer of an association to another company. The intention of this section is to clarify the not-for-profit nature of membership interests, by ensuring that proceeds of the purchase are applied towards the charitable purposes of Urabba Parks.