Termination of the club

The Club commenced on the 10 October 2000 and will terminate on

  • the date of first to occur of the following:
  • if required by, or in accordance with, the Corporations Act;
  • the date the Responsible Entity determines (if at any time the
  • Responsible Entity considers it to be in the interests of the Members);
  • 80 years from the Commencement Date; or
  • such other event as is referred to in the Constitution and the
  • occurrence of which will give rise to termination of the Club.
  • The Constitution provides for the following instances under which the
  • Club may be wound up:
  • by Court order;
  • upon the extraordinary resolution of Members directing the
  • Responsible Entity to wind up the Club;
  • if the Responsible Entity considers that the purpose of the Club has
  • been accomplished or cannot be accomplished; or
  • if not terminated earlier, 80 years from the commencement of the
  • Club, if the term of the Club is not otherwise extended by a special
  • resolution of the Members

If the Club is terminated, the Responsible Entity must ensure that the
Club is terminated and wound up in accordance with the Constitution
and with the Corporations Act. This will include paying the Developer all
its entitlements under the Developer Agreement, as well as all liabilities
of the Club. The Responsible Entity will be required to sell and convert
into money Club Property and make a distribution to Members in the
appropriate proportion that their Première Points of a Member at the
Termination Date bear to the Total Première Points at the Termination
Date. Members should refer to the Constitution for full details of the
Termination procedure.