Constitution of Urabba Parks/Section 92

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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.

Counting of pledged membership

(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 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).