Editing Constitution of Urabba Parks/Section 92

Jump to navigation Jump to search
Warning: You are not logged in. Your IP address will be publicly visible if you make any edits. If you log in or create an account, your edits will be attributed to your username, along with other benefits.

The edit can be undone. Please check the comparison below to verify that this is what you want to do, and then publish the changes below to finish undoing the edit.

Latest revision Your text
Line 1: Line 1:
[[Constitution of Urabba Parks/Contents|Table]]|[[Constitution of Urabba Parks/Notes|Notes]]|[[Constitution of Urabba Parks/Section 91|Previous]]|[[Constitution of Urabba Parks/Section 93|Next]]|[[Constitution of Urabba Parks/Download|Download]]<br>{{Navbar|L=Constitution of Urabba Parks|Ch=4|Pt=1|Div=4|Sdiv=B|S=92}}
[[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 =


== <span id="s1"></span>Saving as to restrictions on public funds ==
== 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.


== <span id="s2"></span>Counting of pledged membership ==
== Counting of pledged membership ==
(2)  In determining charity distribution entitlements:
(2)  In determining charity distribution entitlements:


:<span id="par2a"></span>(a)  membership is counted on the paid up amount;
:(a)  membership is counted on the paid up amount;


:<span id="par2b"></span>(b)  any amount paid in advance of a call is disregarded, and is taken to be a loan from the member.
:(b)  any amount paid in advance of a call is disregarded, and is taken to be a loan from the member.


== <span id="s3"></span>Grant of membership by continuing charity ==
== Grant of membership by continuing charity ==
(3)  In the case of an operating company of an association formed within Urabba&nbsp;Parks limited by shares, the operating company may:
(3)  In the case of an operating company of an association formed within Urabba&nbsp;Parks limited by shares, the operating company may:


:<span id="par3a"></span>(a)  issue or transfer shares to members of Urabba Parks continuing as members of the association, in consideration for:
:(a)  issue or transfer shares to members of Urabba Parks continuing as members of the association, in consideration for:
 
::<span id="par3a-i"></span>(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
 
::<span id="par3a-ii"></span>(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
 
:<span id="par3b"></span>(b)  repurchase shares held by Urabba Parks for the consideration of immediately issuing shares under paragraph&nbsp;(a).
= <span id="EM"></span>Relevant notes from the Explanatory Memorandum =
237. Subsection&nbsp;(1) provides that charity distributions from public funds shall be separated from other charity distributions and be allocated to giving pools subject to the same restrictions as the public fund.  This ensures that any surplus funds from a public fund shall be distributed to another Deductible Gift Recipient within the meaning of the ''Income Tax Assessment Act 1997''.
 
238. Subsection&nbsp;(2) provides that membership is only counted for the purpose of the determination of charity distribution rights if the membership is paid up.  Membership is paid up unless there is an amount that can be called in by the Urabba&nbsp;Parks, usually at pre-agreed times (referred to in this Constitution as a pledge).  An amount paid by a member in advance of such call is taken to be a loan from the member and not counted in the amount paid up.
 
239. Subsection&nbsp;(3) provides for the granting of membership by way of an issue of shares by an operating company of an association to members of the association.  This is to allow for the continuation of the association if Urabba&nbsp;Parks is wound up or the association separates from Urabba&nbsp;Parks.


::(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&nbsp;(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| ]]
Please note that all contributions to Urabba Parks Pty Ltd may be edited, altered, or removed by other contributors. If you do not want your writing to be edited mercilessly, then do not submit it here.
You are also promising us that you wrote this yourself, or copied it from a public domain or similar free resource (see My wiki:Copyrights for details). Do not submit copyrighted work without permission!
Cancel Editing help (opens in new window)

Template used on this page:

Retrieved from "https://www.urabbaparks.org.au/upgov/index.php/Constitution_of_Urabba_Parks/Section_92"