Urabbaparcensian property law
Urabbaparcensian property law is the system of regulating rights in the property of the Enactorate of Urabbaparcensia (formerly Urabba Parks Pty Ltd) and its wholly-owned subsidiaries. Property of Urabba Parks Pty Ltd may be allocated to membership; the member holding the shares attached to the property gets to decide what charity the property is distributed to if and when Urabba Parks Pty Ltd winds up. Property in the Urabbaparcensia group of companies is taken to belong to an internally-recognised entity known as a granting entity, which is responsible for its upkeep and management.
Constitutional basis
One of the main features of the Urabbaparcensian legal system is its ability to protect the intentions of contributors by way of allocating assets to membership. The Constitution of Urabbaparcensia contains provisions to protect the intentions of contributors of property distributed to successor charities upon its winding-up (dissolution) by making provisions for non-cash assets including real property and shares. Membership of Urabba Parks Pty Ltd is attached to a granting entity, being the entity formed under the law of Urabbaparcensia. For example, membership may be granted by an association, a campus government, a jurisdictional division or by the Urabbaparcensian Government (at-large). In addition, membership can be attached to property (other than cash) falling within a granting entity.[Constitution 1] Property of Urabba Parks Pty Ltd or its wholly-owned subsidiaries is, for the purposes of the Urabbaparcensian legal system, taken to belong to the granting entity, and it is the entity that is responsible for its upkeep and management.
On a potential winding-up of Urabba Parks Pty Ltd, and after the payment of the debt, the surplus amounts must be distributed to eligible charities, which are defined as other charities that have similar purposes to the company.[Constitution 2] Within this condition however, the members choose the identity of those charities, and the amount or value of surplus assets transferred to each charity chosen by a member is proportional to the member's shareholding. And within those conditions, the property transferred is based on the attachment of the member's shares. However, if the proportion of shareholding of members attached to property is not enough to cover the value of the property then other members may also make a decision on the beneficiary charity. If the members cannot agree on a beneficiary charity for property that cannot be subdivided the property may have to be liquidated (sold). Cash, whether it be cash raised from the liquidation of assets or existing immediately before winding-up is distributed among eligible charities chosen by members, with the value of any non-cash assets already distributed in respect of a member's shares deducted from a member's share of nomination. The distribution takes the form of a charity distribution, with amounts being deposited into giving accounts and giving pools where the member or members can then choose the beneficiary charities.[Constitution 3]
