18. Establishment and operation of the Gift Fund

18.1 Maintaining the Gift Fund

The Company must maintain for its purpose set out in Clause 1.1, the Gift Fund:

  1. to which gifts of money or property for that purpose are to be made;
  2. to which any money received by the Company because of those gifts is to be credited; and
  3. that does not receive any other money or property.

18.2 Limits on use of the Gift Fund

The Company must use the following only for its purpose:

  1. gifts made to the Gift Fund; and
  2. any money received because of those gifts.

18.3 Winding-up

  1. At the first occurrence of:
    1. the winding-up of the Gift Fund; or
    2. the Company ceasing to be endorsed as a deductible gift recipient under subdivision 30-BA of ITAA 97,
    any surplus assets of the Gift Fund must be transferred to a fund, authority or institution:
    1. which is charitable at law;
    2. whose constitution prohibits distributions or payments to its members and directors (if any) to an extent at least as great as is outlined in Clause 1; and
    3. gifts to which can be deducted under division 30-B of ITAA 97, due to it being characterised as a public benevolent institution under item 4.1.1 of the table in section 30-45 of ITAA 97.
  2. The identity of the fund, authority or institution must be decided by the Directors.
  3. Where gifts to a fund, authority or institution are deductible only if, among other things, the conditions set out in the relevant table item in subdivision 30-B are satisfied, a transfer under this rule to that fund, authority or institution must be made in accordance with or subject to those conditions.

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