Foundation in Urabba Parks
Foundation in Urabba Parks is the concept of foundation as it applies to Urabba Parks, especially in succession to its Management (Enactorship).
The foundation share or Enactor's share is the share that, if held, entitles the person to foundation in Urabba Parks.
Background
Section 3 of the Urabba Parks Proprietary Limited Constitution Statute 2021 (covering clause 3 of the Constitution of Urabba Parks) provides that the Enactor, being the holder of foundation, is the successor of the Founder.[Constitution 1]
Foundation membership
- See also: Capital structure of Urabba Parks
Item 7.10.s of the table in subsection 112(5) of the Constitution of Urabba Parks defines a foundation member, being an ordinary member who may succeed to the foundation of Urabba Parks, and if no such class of ordinary membership exists then members of the class of membership of the first-numbered ordinary share shall be eligible.[Constitution 2] Since the establishment of jurisdiction there is no law declaring a class of membership as foundation membership, so the foundation of Urabba Parks is vested in the first-numbered ordinary share, which is also visitational membership of Urabba Parks. The holder of the foundation in Urabba Parks is D.J. Racovolis Services Proprietary Limited.[Constitution 3]
Succession of a place among members
Subsection 11(4) of the Constitution of Urabba Parks provides that the first-numbered membership (share) in the case of members of a class of members eligible to succeed to a place within Urabba Parks succeeds to the place unless another share is chosen by the shareholders by agreement or resolution.[Constitution 4]
Holders of foundation in Urabba Parks
- See also: List of members of Urabba Parks
D.J. Racovolis Services Proprietary Limited, also known as the Enactorial House of Racservia, is the holder of the foundational membership.
Foundation in entities having foundation in Urabba Parks
- See also: D.J. Racovolis Services Pty Ltd
As of 9 August 2022, Danny Racovolis holds foundation in D.J. Racovolis Services Pty Ltd by virtue of being the sole shareholder.
See also
- Constitution of Urabba Parks, governing document of Urabba Parks
- Monarchy of Urabba Parks, also known in law as the Management, being the Enactorship subject to the foundation concept
