Constitution of Urabba Parks/Section 85: Difference between revisions
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= Gift Revenue Fund = | = Gift Revenue Fund = | ||
| (1) There shall be a part of the Trust Fund known as the Gift Revenue Fund of which shall consist of gift funds held beneficially by Urabba Parks. | ||
(2) Except upon the winding-up of the fund, Urabba Parks shall not voluntarily apply any part of a public fund unless such application is approved a body: | |||
(a) that has at least 3 members; and | |||
(b) the majority of members required to vote in favour on for any resolution of the body must be qualified to occupy a visitatorial place (category V) under section 102. | |||
(3) Upon winding-up of a public fund, Urabba Parks may make a charity distribution on the amounts remaining in any public fund to ordinary members. | |||
<small>Note: Special rules apply to charity distributions from public funds: see subsection 92(1). </small> | |||
Revision as of 19:00, 21 September 2021
Gift Revenue Fund
(1) There shall be a part of the Trust Fund known as the Gift Revenue Fund of which shall consist of gift funds held beneficially by Urabba Parks.
(2) Except upon the winding-up of the fund, Urabba Parks shall not voluntarily apply any part of a public fund unless such application is approved a body:
(a) that has at least 3 members; and
(b) the majority of members required to vote in favour on for any resolution of the body must be qualified to occupy a visitatorial place (category V) under section 102.
(3) Upon winding-up of a public fund, Urabba Parks may make a charity distribution on the amounts remaining in any public fund to ordinary members.
Note: Special rules apply to charity distributions from public funds: see subsection 92(1).