Editing Constitution of Urabba Parks/Section 93

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= Entitlement to charity distributions =
= Entitlement to charity distributions =
<span id="s1"></span>(1)  Upon the winding-up of Urabba&nbsp;Parks, and after the settlement of the debts and obligations under [[Constitution of Urabba Parks/Section 88#par2a|paragraph&nbsp;88(2)(a)]]:
(1)  Upon the winding-up of Urabba&nbsp;Parks, and after the settlement of the debts and obligations under paragraph&nbsp;88(2)(a):


:<span id="par1a"></span>(a)  members of Urabba&nbsp;Parks shall first participate in the charity distribution of the property of the granting entity of which their membership is granted in;
:(a)  members of Urabba&nbsp;Parks shall first participate in the charity distribution of the property of the granting entity of which their membership is granted in;


:<span id="par1b"></span>(b)  if the legal rights of members of Urabba Parks are not sufficient to cover the property of the granting entity at the time the charity distribution is made upon winding-up, the liquidator shall make a charity distribution to the other members;
:(b)  if the legal rights of members of Urabba Parks are not sufficient to cover the property of the granting entity at the time the charity distribution is made upon winding-up, the liquidator shall make a charity distribution to the other members;
 
:<span id="par1c"></span>(c)  the assets in giving pools and giving accounts shall be paid or applied to eligible charities nominated by members of giving pools and the holders of giving accounts; and
 
:<span id="par1d"></span>(d)  surpluses and losses are borne in equal proportion.
 
<span id="s2"></span>(2)  The Consolidated Revenue Fund is to the necessary extent appropriated accordingly in respect of any charity distribution made by the liquidator.
= <span id="EM"></span>Relevant note from the Explanatory Memorandum =
240. Subsection&nbsp;(1) provides that assets of granting entities are distributed to charities nominated by the members granted in the entity, while subsection&nbsp;(2) provides for the appropriation of the Consolidated Revenue Fund of charity distributions of those assets.  For example:
:(A) if members of a granting entity hold 10% of the ordinary membership in Urabba&nbsp;Parks, and the entity represents 15% of the total corporate assets on winding-up, those members only receive a charity distribution on the assets in the entity representing 10% of the total assets, with the remainder of the assets being distributed to charities chosen by the other members;
:(B) if members of a granting entity hold 10% of the ordinary membership in Urabba&nbsp;Parks, and the entity represents 5% of the total assets on winding-up, charities chosen by those members receive a distribution on all the assets in the entity and a further distribution of the from the other assets of Urabba&nbsp;Parks for the remaining 5% of the assets.


:(c)  the assets in giving pools and giving accounts shall be paid or applied to eligible charities nominated by members of giving pools and the holders of giving accounts; and


:(d)  surpluses and losses are borne in equal proportion.


(2)  The Consolidated Revenue Fund is to the necessary extent appropriated accordingly in respect of any charity distribution made by the liquidator.






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[[Category:Constitution of Urabba Parks| ]]
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