Constitution of Urabba Parks/Section 93: Difference between revisions
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[[Constitution of Urabba Parks/ | [[Constitution of Urabba Parks/Contents|Table]]|[[Constitution of Urabba Parks/Notes|Notes]]|[[Constitution of Urabba Parks/Section 92|Previous]]|[[Constitution of Urabba Parks/Section 94|Next]]|[[Constitution of Urabba Parks/Download|Download]]<br>{{Navbar|L=Constitution of Urabba Parks|Ch=4|Pt=1|Div=4|Sdiv=B|S=93}} | ||
= Entitlement to charity distributions = | = Entitlement to charity distributions = | ||
(1) Upon the winding-up of Urabba Parks, and after the settlement of the debts and obligations under paragraph 88(2)(a): | <span id="s1"></span>(1) Upon the winding-up of Urabba Parks, and after the settlement of the debts and obligations under [[Constitution of Urabba Parks/Section 88#par2a|paragraph 88(2)(a)]]: | ||
:(a) members of Urabba Parks shall first participate in the charity distribution of the property of the granting entity of which their membership is granted in; | :<span id="par1a"></span>(a) members of Urabba Parks shall first participate in the charity distribution of the property of the granting entity of which their membership is granted in; | ||
:(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="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; | ||
:(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="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 | ||
:(d) surpluses and losses are borne in equal proportion. | :<span id="par1d"></span>(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. | <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 = | |||
= Relevant note from the Explanatory Memorandum = | |||
240. Subsection (1) provides that assets of granting entities are distributed to charities nominated by the members granted in the entity, while subsection (2) provides for the appropriation of the Consolidated Revenue Fund of charity distributions of those assets. For example: | 240. Subsection (1) provides that assets of granting entities are distributed to charities nominated by the members granted in the entity, while subsection (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 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; | :(A) if members of a granting entity hold 10% of the ordinary membership in Urabba 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; | ||
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[[Category:Urabbaparcensian constitutional law| ]] | [[Category:Urabbaparcensian constitutional law| ]] | ||
Latest revision as of 10:44, 6 September 2023
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Chapter 4 >>Part 1 >>Division 4 >>Subdivision B >>Section 93
Entitlement to charity distributions[edit | edit source]
(1) Upon the winding-up of Urabba Parks, and after the settlement of the debts and obligations under paragraph 88(2)(a):
- (a) members of Urabba Parks shall first participate in the charity distribution of the property of the granting entity of which their membership is granted in;
- (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;
- (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.
Relevant note from the Explanatory Memorandum[edit | edit source]
240. Subsection (1) provides that assets of granting entities are distributed to charities nominated by the members granted in the entity, while subsection (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 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 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 Parks for the remaining 5% of the assets.