Editing Constitution of Urabba Parks/Section 92
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[[Constitution of Urabba Parks/ | [[Constitution of Urabba Parks/Section 91|Previous]]|[[Constitution of Urabba Parks|Table]]|[[Constitution of Urabba Parks/Section 93|Next]] | ||
= Rights of members to charity distributions = | = Rights of members to charity distributions = | ||
== | == Saving as to restrictions on public funds == | ||
(1) Any charity distribution of property that formed part of a public fund immediately before the commencement of winding-up of the public fund shall be made to a giving pool formed under this subsection that shall be subject to the restrictions applicable on the distribution on property in the public fund. | (1) Any charity distribution of property that formed part of a public fund immediately before the commencement of winding-up of the public fund shall be made to a giving pool formed under this subsection that shall be subject to the restrictions applicable on the distribution on property in the public fund. | ||
== | == Counting of pledged membership == | ||
(2) In determining charity distribution entitlements: | (2) In determining charity distribution entitlements: | ||
(a) membership is counted on the paid up amount; | |||
(b) any amount paid in advance of a call is disregarded, and is taken to be a loan from the member. | |||
== | == Grant of membership by continuing charity == | ||
(3) In the case of an operating company of an association formed within Urabba | (3) In the case of an operating company of an association formed within Urabba Parks limited by shares, the operating company may: | ||
(a) issue or transfer shares to members of Urabba Parks continuing as members of the association, in consideration for: | |||
(i) in the case of an issue of redeemable preference shares – the redemption of service membership with a principal amount of those shares for no consideration; and | |||
(ii) in the case of an issue of any other kind of share – the nomination of the operating company for charity distribution made in any respect of any membership granted by the association; and | |||
(b) repurchase shares held by Urabba Parks for the consideration of immediately issuing shares under paragraph (a). | |||
{{Constitution of Urabba Parks|state=expanded}} | |||
[[Category:Constitution of Urabba Parks| ]] | |||
[[Category:2021 in Urabbaparcensian law]] | |||
[[Category:Urabbaparcensian constitutional law| ]] | [[Category:Urabbaparcensian constitutional law| ]] |