Commonwealth Consolidated Acts

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Other requirements it must satisfy

No payment of profits to its members

             (1)  It must not pay any of its profits or financial surplus, or give any of its property, to its members, beneficiaries, controllers or owners (as appropriate).

No acting as a conduit

             (2)  It must have a policy of not acting as a mere conduit for the donation of money or property to other organisations, bodies or persons.

Surplus assets to be transferred on winding up

             (3)  It must have rules providing that, if the public fund is wound up, any surplus assets of the fund are to be transferred to another fund that is on the register.

Statistical information to be provided

             (4)  It must have agreed to give the * Environment Secretary, within a reasonable period after the end of each income year, statistical information about gifts made to the public fund during that income year.

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