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This is a Bill, not an Act. For current law, see the Acts databases.
Western Australia
Ocean Gardens (Inc.) Bill 2003
CONTENTS
1. Short title 1
2. Commencement 2
3. Terms used in this Act 2
4. Rules of Ocean Gardens 2
5. Temporary limit on winding up Ocean Gardens 2
6. Temporary limit on alteration of existing Rules and
new Rules of Ocean Gardens 3
7. Temporary limit on the powers of the Board of
Management 3
8. Termination of office of and replacement of members
of the Board of Management 4
Schedule 1 -- Rules of Ocean Gardens
(Inc.) 6
242--1 page i
Western Australia
LEGISLATIVE ASSEMBLY
Ocean Gardens (Inc.) Bill 2003
A Bill for
An Act to amend the rules of Ocean Gardens (Inc.), and for related
purposes.
The Parliament of Western Australia enacts as follows:
1. Short title
This Act may be cited as the Ocean Gardens (Inc.) Act 2003.
page 1
Ocean Gardens (Inc.) Bill 2003
s. 2
2. Commencement
This Act comes into operation on a day fixed by proclamation.
3. Terms used in this Act
In this Act, unless the contrary intention appears --
5 "1987 Act" means the Associations Incorporation Act 1987;
"commencement day" means the day on which this Act comes
into operation;
"existing Rules" means the rules of Ocean Gardens in effect
immediately before the commencement day;
10 "new Rules" means the rules set out in Schedule 1;
"Ocean Gardens" means Ocean Gardens (Inc.).
4. Rules of Ocean Gardens
(1) On the commencement day --
(a) the existing Rules cease to be the rules of Ocean
15 Gardens; and
(b) the new Rules are the rules of Ocean Gardens.
(2) On the commencement day the new Rules are to be taken to be
the rules of Ocean Gardens for the purposes of the 1987 Act.
(3) As soon as practicable after the commencement day the
20 Minister is to cause a copy of the new Rules to be lodged with
the Commissioner as defined in section 3(1) of the 1987 Act.
5. Temporary limit on winding up Ocean Gardens
(1) In the period beginning on 20 August 2003 and ending when the
Board of Management of Ocean Gardens is constituted under
25 section 8, Ocean Gardens must not by special resolution resolve
that it be wound up voluntarily or by the Supreme Court.
(2) Any special resolution passed in contravention of subsection (1)
is of no effect.
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Ocean Gardens (Inc.) Bill 2003
s. 6
6. Temporary limit on alteration of existing Rules and new
Rules of Ocean Gardens
(1) In the period beginning on 20 August 2003 and ending when the
Board of Management of Ocean Gardens is constituted under
5 section 8, Ocean Gardens must not apply under the 1987 Act to
alter the existing Rules or the new Rules unless the Minister has
in writing first approved the proposed alteration.
(2) Any alteration to the existing Rules made in contravention of
subsection (1) is of no effect.
10 7. Temporary limit on the powers of the Board of Management
(1) In the period beginning on 20 August 2003 and ending when the
Board of Management of Ocean Gardens is constituted under
section 8, the Board of Management of Ocean Gardens must
not --
15 (a) sell all or any of the real or personal property of Ocean
Gardens or let, mortgage, exchange or otherwise
dispose of and execute conveyances, transfers,
mortgages and assurances of that property;
(b) enter into --
20 (i) a contract for the supply of goods to Ocean
Gardens;
(ii) a contract for services; or
(iii) a contract of service,
with a term of more than 12 months;
25 (c) set aside any amounts from accumulated funds in
accordance with rule 45 of the existing Rules or rule 44
of the new Rules; or
(d) distribute funds of Ocean Gardens referred to in rule 45
of the existing Rules or rule 44 of the new Rules.
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Ocean Gardens (Inc.) Bill 2003
s. 8
(2) Despite subsection (1), the Minister may --
(a) approve the sale of all or any of the real or personal
property of Ocean Gardens or the letting, mortgaging,
exchange of or other disposal of and execution of
5 conveyances, transfers, mortgages and assurances of
that property;
(b) approve the Board of Management of Ocean Gardens
entering into a contract of a type mentioned in
subsection (1)(b) with a term of more than 12 months;
10 (c) approve the setting aside from accumulated funds of
amounts in accordance with rule 44 of the new Rules; or
(d) approve the distribution of funds of Ocean Gardens
referred to in rule 44 of the new Rules.
(3) Subsection (1)(a) does not apply to --
15 (a) the lease of a part of the real property of Ocean Gardens
to a member or a person who has applied to become a
member of Ocean Gardens; or
(b) the sale of personal property to a member of Ocean
Gardens or a person who is using the facilities of Ocean
20 Gardens.
(4) Anything done in contravention of subsection (1) is of no effect.
8. Termination of office of and replacement of members of the
Board of Management
(1) All members of the Board of Management of Ocean Gardens
25 holding office immediately before the 42nd day after the
commencement day ("appointment day") cease to hold office
at the beginning of the appointment day.
(2) An election to elect the 3 members of the Board of Management
of Ocean Gardens referred to in rule 11 of the new Rules must
30 be held within 42 days of the commencement day.
(3) For the purpose of holding the election referred to in
subsection (2) and despite rules 11 and 28 of the new Rules, the
page 4
Ocean Gardens (Inc.) Bill 2003
s. 8
Secretary of Ocean Gardens must call a Special General
Meeting of Ocean Gardens to be held within 42 days of the
commencement day.
(4) Despite rule 11 of the new Rules, the candidates who receive
5 the highest and second highest number of votes hold office for a
term commencing at the beginning of the appointment day and
ending at the expiration of the second Annual General Meeting
of Ocean Gardens held after the commencement day.
(5) Despite rule 11 of the new Rules, the candidate who receives
10 the third highest number of votes holds office for a term
commencing at the beginning of the appointment day and
ending at the expiration of the first Annual General Meeting of
Ocean Gardens held after the commencement day.
(6) The Town of Cambridge must appoint 3 of its council members
15 to be members of the Board.
(7) An appointment under subsection (6) commences at the
beginning of the appointment day.
page 5
Ocean Gardens (Inc.) Bill 2003
Schedule 1 Rules of Ocean Gardens (Inc.)
Schedule 1 -- Rules of Ocean Gardens (Inc.)
[s. 4]
OCEAN GARDENS (INC.)
CONSTITUTION
5 NAME
1. The name of the Association is "OCEAN GARDENS (INC.)".
INTERPRETATION
2. Throughout this Constitution, if not inconsistent with the context:
"council member" has the meaning given to "member" in the Local
10 Government Act 1995;
"the Association" means OCEAN GARDENS (INC.);
"the Board" means the Board of Management of the Association;
"Town" means the Town of Cambridge.
OBJECTS
15 3. The objects of the Association shall be:
(1) To promote and undertake or assist in promoting and undertaking
assistance for elderly people of both sexes irrespective of creed,
class or colour, and without in any way limiting the generality of
the foregoing provision the Association shall have power to do or
20 assist in doing any or all of the following things, namely:
(a) To provide benevolent relief to elderly people by
establishing and maintaining a club or clubs.
(b) To establish and maintain a "meals on wheels" service.
(c) To organise and maintain a visiting service.
25 (d) To establish and maintain hostels, nursing homes and day
care centres for the accommodation and care of aged and
disabled persons entitled to relief under the Aged or
Disabled Persons Homes Act 1954 as amended or any
statute enacted in substitution therefor.
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Ocean Gardens (Inc.) Bill 2003
Rules of Ocean Gardens (Inc.) Schedule 1
(2) To provide homes or housing for those aged married couples or
single persons who are, in the opinion of the Board, by reason of
age, ill health, accident or infirmity, wholly or in part unable to
maintain themselves by their own exertions.
5 (3) To promote and assist the general good of all elderly people by
assisting the work of statutory authorities and voluntary
organisations engaged in respect of elderly people in providing
facilities for physical and mental recreation, developing physical
improvement, furthering health, relieving poverty, distress or
10 sickness, or in pursing any objects which are benevolent.
(4) To promote and organise cooperation in the achievement of the
above purposes and to that end bring together in Committee
representatives of the authorities and organisations engaged in the
furtherance of the above purposes or any of them.
15 (5) To assist any other benevolent body or bodies financially or
otherwise in the furtherance of the above purposes or any of them.
(6) To promote and carry out or assist in promoting and carrying out
surveys relating to the needs of elderly people and arrange for
forwarding to the proper authorities and organisations the relevant
20 facts regarding such cases and causes of distress as it appears to be
within the power of those authorities and organisations to alleviate.
(7) To arrange and provide for or join in arranging and providing for
the holding of exhibitions, meetings, lectures and classes in
furtherance of the objects of the Association or any of them.
25 POWERS
4. The Association shall have power:
(a) to acquire any property real or personal by purchase, exchange,
gift, devise, lease or by any other means whatsoever subject to or
not subject to any special or other condition or conditions and
30 subject to the objects of the Association and to sell all or any of the
real or personal property of the Association and to let, mortgage,
exchange or otherwise dispose of and execute conveyances,
transfers, mortgages and assurances thereof;
(b) to build, construct, establish, alter, rebuild, renovate, reconstruct
35 and maintain houses, flats, homes, premises, rooms, hostels,
page 7
Ocean Gardens (Inc.) Bill 2003
Schedule 1 Rules of Ocean Gardens (Inc.)
nursing homes, day care centres and grounds and other things and
places generally for the purposes of carrying out the objects of
the Association;
(c) to borrow money and, for the purpose of securing repayment of
5 such money and interest thereon, to mortgage or charge the whole
of or any part of the real or personal property of the Association
and for such purpose to execute mortgages, bills of sale, debentures
or other securities containing such covenants and provisions as the
Association may consider necessary;
10 (d) to invest all or any of the funds of the Association in any securities
or investments and upon any terms and conditions provided that
such securities or investments and such terms and conditions are
authorised or permitted by the laws of Western Australia for the
investment of trust funds;
15 (e) to establish, assist, support or aid in the establishment or support of
any institution or association established or to be established in
furtherance of the objects of the Association or any of them and for
such purpose to transfer any of the property of the Association
whether real or personal by sale or gift to any such institution or
20 association;
(f) to make alter and rescind by-laws, rules or regulations and other
proceedings for the due maintenance of the Association and for
regulating the duties, control and conduct of persons in the employ
or under the care and control of the Association and governing and
25 regulating applications for admission to the homes or housing of
the Association, the occupancy thereof and the conduct and welfare
of the occupants;
(g) to do all such other lawful things as may be incidental to or
deemed to be conducive to the attainment or execution of the
30 objects and powers or any of them and generally to manage the
homes and housing and hostels, nursing homes and day care
centres of the Association;
(h) contribute to any trust fund established for the benefit of lessees of
residential units on land owned by the Association.
page 8
Ocean Gardens (Inc.) Bill 2003
Rules of Ocean Gardens (Inc.) Schedule 1
MEMBERSHIP
5. The Board may receive or invite applications from and admit as members
of the Association:
(a) representatives of any statutory body, voluntary organisation or
5 charitable or benevolent institution having objects similar to those
of the Association or whose functions may assist the Association
PROVIDED THAT not more than three representatives of each
such body organisation or institution shall be members of the
Association at any one time;
10 (b) any person whose knowledge or experience may be of assistance to
the Association; and
(c) any person who has performed any valuable voluntary service to
the Association.
The Board may in its absolute discretion and without assigning any
15 reason therefor refuse to grant an application made for membership under
this clause.
6. Any body, organisation or institution which has representatives as
members may, at any time and from time to time, by notice in writing to
the Association remove any representative and appoint another in his or
20 her place and may fill any vacancy in its representation.
7. Membership of the Association shall be for a period terminating at the
conclusion of the second Annual General Meeting of the Association
following the date of admission to membership. The Board may renew a
person's membership for an additional period or periods.
25 LIFE MEMBERSHIP
8. At any Annual General Meeting of the Association life membership may
be awarded to a person or persons in recognition of outstanding service to
the Association PROVIDED THAT not more than one (1) life
membership shall be awarded in any one year. Any member may
30 nominate another member for life membership by giving written notice of
such nomination to the Secretary of the Association at least two (2)
months prior to the Annual General Meeting.
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Ocean Gardens (Inc.) Bill 2003
Schedule 1 Rules of Ocean Gardens (Inc.)
EXPULSION OF MEMBERS
9. (1) The Board may, by resolution, expel a member of the Association
if, in the opinion of the Board, the member has failed to observe
the provisions of this Constitution or has conducted himself or
5 herself in a manner prejudicial to the interests of the Association.
(2) The Board shall cause notice stating that the Board has expelled
the member and specifying the grounds for the expulsion to be
served upon the member without delay.
(3) A member upon whom a notice under sub-clause (2) of this clause
10 is served may appeal against the expulsion to the next General
Meeting of the Association by delivering to the Secretary of the
Association within fourteen (14) days after service of that notice, a
requisition in writing requiring a hearing of his or her appeal.
(4) A member expelled by the Board shall not be re-admitted except
15 by a resolution of a General Meeting of the Association.
BOARD OF MANAGEMENT
10. (1) The Board shall comprise six (6) members, three (3) of whom shall
be council members of the Town appointed by the Town from time
to time. The Town may by notice in writing to the Association
20 remove any council member so appointed and appoint another
council member in his or her place and may fill any vacancy which
may arise in the Town's appointment.
(2) For each member that the Town appoints to the Board of
Management the Town may appoint one council member to be a
25 Deputy Member to act on behalf of each council member
appointed as a Member of the Board of Management whenever that
member is unable to be present at a meeting thereof.
(3) Where a Member of the Board of Management does not attend a
meeting thereof the Deputy Member is entitled to attend that
30 meeting in place of the member and act for the member thereat and
while so acting has all the powers of that member.
(4) For each Member of the Board of Management other than a
Member appointed by the Town, the Board of Management may
appoint one (1) person who is a member of the Association to be
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Ocean Gardens (Inc.) Bill 2003
Rules of Ocean Gardens (Inc.) Schedule 1
the Deputy to act on behalf of each member whenever that member
is unable to be present at a meeting thereof.
(5) Where a Member of the Board of Management does not attend a
meeting thereof the Deputy Member is entitled to attend that
5 meeting in place of the member and act for the member thereat and
while so acting has all the powers of that member.
11. The members of the Board (other than the members appointed by the
Town pursuant to clause 10 hereof) shall be elected at the Annual
General Meeting from the members of the Association for a term of
10 two (2) years and hold office until the expiration of the Annual General
Meeting at the end of the term.
12. If any member of the Board (other than a member appointed by the Town
pursuant to clause 10 hereof) resigns, is unwilling to act, becomes
incapable of acting, dies or permanently resides out of the Perth
15 Metropolitan Area or is absent without leave previously granted by a
resolution of the Board for three (3) consecutive meetings of the Board or
for any reason whatsoever ceases to act as a member of the Board then,
such members as remain upon the Board, shall appoint from the members
of the Association a new member to the Board to hold the place until the
20 next Annual General Meeting. At the next Annual General Meeting a
successor shall, if the term has not then expired, be chosen to hold the
place from the date of his or her election until the expiration of term. The
Board shall appoint such fit and proper persons who will in its opinion
assist in attaining the objects of the Association.
25 13. The election to fill vacant places shall be held in the year at the expiration
of which the places become vacant.
14. The Board shall have and exercise the sole control direction and
management of the Association and of the occupancy of the houses, flats,
homes, premises, rooms, hostels, nursing homes and other places erected,
30 owned and controlled by the Association and shall receive and determine
applications for admission thereto. The Board shall make and present an
annual report to the Annual General Meeting.
15. The Board shall at its first meeting following every Annual General
Meeting elect:
35 (a) a Chairman from among the three (3) members appointed by the
Town (pursuant to clause 10 hereof); and
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Ocean Gardens (Inc.) Bill 2003
Schedule 1 Rules of Ocean Gardens (Inc.)
(b) a Vice Chairman from among the three (3) members appointed by
the Town (pursuant to clause 10 hereof),
both of whom shall hold office until the conclusion of the first meeting of
the Board held after the Annual General Meeting next following their
5 election. Both of such office bearers shall be eligible for re-election.
16. The Board shall meet at such times as the Board may from time to time
decide. The Chairman or any two (2) members of the Board may call a
meeting of the Board at any time.
17. At least three (3) clear days' notice of any meeting of the Board and the
10 business to be brought forward at the meeting shall be given to each
member of the Board by facsimile or email or by letter delivered to the
address of the member or by prepaid post. A notice sent by facsimile or
email shall be deemed to have been delivered on the day after the day the
same has been electronically dispatched. A notice sent by prepaid post
15 shall be deemed to have been delivered on the second day after the same
has been put into the post.
18. The Chairman or in his or her absence the Vice Chairman shall preside at
all meetings of the Board but in the absence of both the Chairman and the
Vice Chairman the members present shall choose from among their
20 number a chairman for that meeting. All questions at the meeting of the
Board shall be determined by a majority of the votes of the members
present each of whom shall be entitled to one (1) vote provided that in the
case of an equality of votes the Chairman at the meeting shall have a
second or casting vote.
25 19. Three (3) members of the Board shall form a quorum, one of whom shall
be the Chairman.
SECRETARY AND TREASURER
20. The Board may appoint a Secretary and a Treasurer at such remuneration
and on such terms and conditions and with such powers and authorities as
30 it thinks fit and may terminate the appointment of any Secretary or
Treasurer so appointed by it. Nothing herein contained shall prevent the
Board appointing an Honorary Secretary or Honorary Treasurer. A
Secretary, Honorary Secretary, Treasurer or Honorary Treasurer may
hold another office of the Association.
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Ocean Gardens (Inc.) Bill 2003
Rules of Ocean Gardens (Inc.) Schedule 1
21. The Secretary shall attend all meetings of the Board and of any
subcommittee to which he or she is appointed and shall be entitled to be
heard on any question but shall not be entitled to vote in his or her
capacity as Secretary.
5 22. The Treasurer shall:
(a) be responsible for the receipt of all moneys on behalf of the
Association and give receipts therefor;
(b) pay all moneys into such account or accounts in the name of the
Association at such bank or banks as the Board may from time to
10 time direct;
(c) submit at the Annual General Meeting, an Annual Report, Balance
Sheet, Statement of Income and Expenditure the Auditor's report
and other such information as the Association or Board may
require;
15 (d) submit financial statements as and when required by the Board;
(e) generally carry out the instructions and decisions of the Board
relating to the property and finances of the Association.
AUDIT
23. The Association's financial year shall be from the 1st July to the
20 30th June in the following year and once at least in every year the Board
shall cause the Association's accounts to be audited by a duly qualified
and experienced person or persons appointed by the Board of
Management ("the Auditor").
SUBCOMMITTEES
25 24. The Board may from time to time appoint a subcommittee or
subcommittees and may depute, delegate and refer to such subcommittees
such of the powers and duties of the Board as the Board thinks fit. Any
such subcommittee in the exercise of the powers and duties so deputed,
delegated or referred to it shall conform to any regulations that may be
30 imposed on it by the Board.
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Ocean Gardens (Inc.) Bill 2003
Schedule 1 Rules of Ocean Gardens (Inc.)
GENERAL MEETINGS
25. Annual General Meetings shall be held each year during the month of
September. All other General Meetings shall be Special General
Meetings.
5 26. Any member may on giving to the Secretary written notice together with
a copy of the proposed resolution on or before the 15th day of August in
any year submit any resolution to the next Annual General Meeting.
Notice of such proposed resolution shall be given to the members with
notice of the Annual General Meeting as hereinafter required.
10 27. The business of the Annual General Meeting shall be:
(a) the confirmation of the minutes of the last Annual General Meeting
and of any Special General Meeting;
(b) the receipt and adoption of the Board's report;
(c) the receipt and adoption of the Auditor's report and the annual
15 accounts;
(d) the election of members of the Board;
(e) special business (if any) brought forward after written notice as
hereinbefore mentioned;
(f) general business.
20 28. A Special General Meeting shall be called by the Secretary upon the
written demand of the Chairman or, in his or her absence, of the Vice
Chairman, or upon the written demand of any two (2) members of the
Board or of not less than thirty (30) members.
29. The Secretary shall give at least fourteen (14) days' notice of all General
25 Meetings to the members by posting notice thereof to each member at the
address appearing in the records of the Association for the time being.
Such notice shall specify the nature of the business to be transacted at the
meeting, and each notice shall be deemed to have been delivered on the
second day after the notice has been put into the post.
30 QUORUM
30. At any General Meeting two thirds of the members of the Association
present in person or by proxy shall form a quorum.
page 14
Ocean Gardens (Inc.) Bill 2003
Rules of Ocean Gardens (Inc.) Schedule 1
CHAIRMAN
31. The Chairman or in his or her absence the Vice Chairman shall preside at
all General Meetings but in the absence of both the Chairman and the
Vice Chairman the members present shall choose from among the
5 members a Chairman for that meeting.
VOTING
32. At all General Meetings voting shall be by a show of hands save in the
case of the election of officers where voting shall be by secret ballot. In
the event of an equality of votes the vote shall be determined in the
10 negative.
33. If a member is unable to attend a General Meeting he or she shall be
entitled to cast his or her vote by proxy. A proxy shall be in writing and
shall nominate the person in whose favour the proxy is given which
person need not be a member. Proxies shall be delivered to the Secretary
15 before the commencement of the meeting at which the proxy is to be
exercised and shall be signed by the member.
MINUTES
34. The Secretary shall keep or cause to be kept detailed minutes of the
proceedings of every General Meeting and of every meeting of the Board
20 and of every meeting of a subcommittee in a book and such book when
signed by the Chairman of the meeting in question shall be conclusive
evidence that the proceedings minuted therein were regular and actually
took place as minuted at a meeting duly convened and held and shall be
binding on all the members. The book in which the minutes are so
25 entered shall be kept by the Secretary and shall be available for
inspection by members of the Association during usual business hours on
application to the Secretary.
COMMON SEAL
35. The Association shall have a Common Seal which shall be held in the
30 custody of the Secretary at all times. The Common Seal may be affixed to
documents by resolution of the Board and in the presence of any two
members of the Board or a member of the Board and the Secretary.
page 15
Ocean Gardens (Inc.) Bill 2003
Schedule 1 Rules of Ocean Gardens (Inc.)
EMPLOYEES
36. The Board or a subcommittee to which such function has been delegated
may employ such persons on such terms and conditions as it considers
necessary and shall insure all persons so employed by it under the usual
5 terms of a workers' compensation insurance policy.
BANKING
37. All moneys received by the Association shall be banked in one or more
accounts to be opened with a bank selected by the Board. Cheques and
other documents relating to every such account shall be signed by any
10 two (2) of the Chairman, Vice Chairman or Secretary or such other
person as is nominated by the Board for that purpose.
ACCOUNTS FOR PAYMENT
38. All accounts shall be presented to and passed for payment at meetings of
the Board or of any subcommittee to which such powers shall be
15 delegated and a proper record of such approval shall be included in the
minutes.
INCOME AND PROPERTY
39. The income and property of the Association shall be applied solely
towards the promotion of the objects of the Association and no portion
20 thereof shall be paid or transferred directly or indirectly by way of
dividend bonus or otherwise howsoever to its members providing that
nothing herein shall prevent the payment in good faith of remuneration to
any officer or servant of the Association for services actually rendered to
the Association.
25 INDEMNITY
40. The members of the Board and every subcommittee and all officers of the
Association shall be indemnified and saved harmless out of the funds of
the Association from and against all charges, costs, losses, damages and
expenses which they or any of them shall or may incur or sustain in or
30 about the execution of their respective offices except as may be
occasioned by or through their own wilful default and none of them shall
be answerable for the acts of the others of them.
page 16
Ocean Gardens (Inc.) Bill 2003
Rules of Ocean Gardens (Inc.) Schedule 1
DISSOLUTION
41.1 If the Association is solvent the Association may be wound up by a
Special Resolution passed at a Special General Meeting for that purpose.
41.2 "Special Resolution" shall have the meaning given to it by section 24(1)
5 of the Associations Incorporation Act 1987 ("the Act").
41.3 If on the winding up of the Association any property of the Association
remains after satisfaction of the debts and liabilities of the Association
then the same shall not be paid or distributed amongst the members or the
former members but shall be given or transferred to another association
10 incorporated under the Act specified by the Town which has similar
objects and which is approved by the Commissioner of Taxation as a
public benevolent institution to which income tax deductible gifts can be
made.
INTERPRETATION OF THE CONSTITUTION
15 42. Should any question arise as to the interpretation of this Constitution or
of the by-laws rules or regulations which the Association is authorised
and empowered to make, such questions shall be decided by the Board
whose decision shall be final and binding.
ALTERATION TO THE CONSTITUTION
20 43. Subject to the prior written approval of the resolution by the Town, the
Constitution of the Association may be altered added to or repealed at
any General Meeting of the Association by a resolution passed by not less
than three-quarters of the members of the Association present at that
meeting.
25 DISTRIBUTION OF SURPLUS
44. At the end of a financial year the Board of Management shall set aside
from accumulated funds the amounts considered necessary by the Board
of Management to cover:
(a) operating expenses of the Association;
30 (b) reserves for the purchase, replacement, periodic maintenance or
refurbishment of any assets of the Association;
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Ocean Gardens (Inc.) Bill 2003
Schedule 1 Rules of Ocean Gardens (Inc.)
(c) reserves for the repayment of contribution fees or deposits and
reserves arising out of a capital revaluation,
and any distribution of funds of the Association which are surplus to
these requirements may only be made to an association or institution
5 specified by the Town which has objects similar to those of the
Association or to a charitable or public benevolent institution specified by
the Town and the rules of which association or institution prohibit the
distribution of property among its members.
page 18
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