106Transfer of assets on winding up

106 Transfer of assets on winding up

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.

s 106: Am 1993 No 78, Sch 1 (7). Rep 2016 No 63, Sch 11.5 [11]. Ins 2021 No 47, Sch 1.1[17].