Special club fee
The Constitution provides that the Responsible Entity may levy Special Club Fees if it determines that the Club Budget is inadequate or insufficient provision has been made for capital improvements, major expenses, repairs, acquisitions, reserves or any other matter determined by the Responsible Entity (collectively called ‘Special Club Fee’). The Responsible Entity has not charged a Special Club Fee to date.
A Member contributes to each Special Club Fee in the amount determined by the Responsible Entity by applying the same formula as for the calculation of Club Fees except that the reference in that formula to
a Club Fee is a reference to a Special Club Fee and the reference to the annual Club Budget is a reference to the Special Club Fee sought to be raised.
The same Discount Factor also applies for different Membership classes or levels.
Subject to the Corporations Act and to any relief from ASIC, the Special Club Fees will be held by the Responsible Entity in a Levies Account.
The Management Costs in Figure L do not include any Special Club Fees as we do not anticipate Special Club Fees will be charged in the foreseeable future.