New South Wales Consolidated Acts

NATIONAL PARKS AND WILDLIFE ACT 1974 - SECT 106

106 Transfer of assets on winding up

(1) At the first occurrence of a winding up event, the Trust must transfer surplus assets of the Public Fund that can be deducted under the ITAA 1997, Division 30 to a tax exempt fund determined by the Minister.

(2) The Minister must give preference to tax exempt funds that operate principally in New South Wales.

(3) In this section--

"tax exempt fund" means a public fund that is--

(a) on the register of environmental organisations kept under the ITAA 1997, Subdivision 30-E, and

(b) maintained for a similar purpose to the principal purpose of the Trust.

"winding up event" means--

(a) the winding up of the Trust, or

(b) the winding up of the Public Fund, or

(c) the revocation of the Trust's endorsement as a deductible gift recipient under the ITAA 1997, Division 30.