Constitution of Urabba Parks/Section 93: Difference between revisions
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= 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): | (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; | :(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; | :(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 | :(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. | :(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. | (2) The Consolidated Revenue Fund is to the necessary extent appropriated accordingly in respect of any charity distribution made by the liquidator. | ||
Revision as of 21:17, 21 September 2021
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):
- (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.