Queensland Consolidated Acts

HOSPITAL FOUNDATIONS ACT 2018 - SECT 76

76 Distribution of surplus property

(1) This section applies if—

(a) either—

(i) a foundation is dissolved; or

(ii) the endorsement of a foundation as a deductible gift recipient under the Income Tax Assessment Act 1997 (Cwlth) is revoked; and

(b) there is property (
"surplus property" ) of the foundation remaining after satisfaction of the debts and liabilities of the foundation.

(2) The surplus property must be given or transferred to an entity—

(a) that has objects similar to the foundation; and

(b) is a deductible gift recipient under the Income Tax Assessment Act 1997 (Cwlth) .