Constitution of Urabba Parks/Section 105
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Chapter 4 >>Part 3 >>Division 2 >>Section 105
Selective reduction of membership[edit | edit source]
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[edit | edit source]
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.