MOUNT ANNAN CHRISTIAN COLLEGE LTD
A.B.N. 32 106 937 740
BUILDING FUND REGULATIONS
1. Name:
The name of the fund is the Mount Annan Christian College Building Fund (hereinafter
referred to as “the Fund”).
2. Objects:
2.1. The Fund has been established and is maintained to receive donations from the
public exclusively to provide money for the provision of buildings at Mount Annan
Christian College Ltd.
2.2. The Funds shall meet the relevant requirements of Section 30-BA of the Income Tax
Assessment Act 1997 to give it gift deductibility status.
3. Basis:
The fund shall be bound by the Memorandum of Association of Mount Annan Christian
College Ltd (hereinafter referred to as “the Company”)
4. Administration:
The Fund shall be administered by such people as shall from time to time be appointed
by the Company’s Board of Directors.
5. Donations:
Donations to the Fund shall satisfy the following conditions:
5.1. Donation shall be unfettered and no benefit or reward shall accrue to donors;
5.2. Receipts shall be issued to donors indicating the name of the Fund, the date, the
amount of the donation and the name of the donor;
5.3. Donations shall be of the value of $2.00 or more of money, or of property which was
purchased by the Donor within the twelve months immediately preceding the making
of the gifts.
Provision for gift deductibility is provided under:
Item 1 of the table in section 30-15 of the Income Tax Assessment Act 1997
Subdivision 30-B of the Income Tax Assessment Act 1997 Item 2.1.10 School Building
Fund
6. Accounts:
Accounts shall be kept is accordance with the Memorandum and Articles of Association
of the Company.
7. Dissolution:
In accordance with Clause 10 of the constitution of the Company, if upon winding up or
dissolution of the College there remains after satisfaction of all its debts and liabilities, any
property whatsoever, the same shall not be paid to or distributed amongst the members
of the company but shall be given or transferred to some other organisation or
organisations having similar objects of the Company and whose Memorandum of
Association and Constitution shall prohibit the distribution of its or their income or property
amongst its or their members to any extent at least as great as is imposed on the
Company under this Constitution, such institution or institutions to be determined by the
members of the company at or before the time of dissolution and in default therefore by a
judge of the Supreme Court of Queensland or of some other court then having
jurisdiction.
If at the time of winding up or dissolution the company is exempt from taxation of any
kind, no distribution may be made under the preceding paragraph of this clause without at
least 28 days written notice having been given to the Commissioner of Taxation.
If the Company conducts a Gift Fund and if the Gift Fund is wound up or if the
endorsement of the company as a deductible gift recipient is revoked, any surplus assets
of the Gift Fund remaining after the payment of liabilities attributable to it shall be
transferred to a fund, authority or institution qualifying under Subdivisions 30-A or 30-B if
the Income Tax Assessment Act 1997 to which income tax deductible gifts can be made.