WINDING UP
30. In the event of winding up or cancellation of the
Incorporation of the Association all assets are to be
realized forthwith. All creditors shall be paid and the net
funds to be paid to the William Angliss Knox-Sherbrooke
Community Hospital, Ferntree Gully.
SOURCES OF FUNDS
31. (1) The funds of the Association shall be derived
from affiliation fees, team entry fees, donations, and
such other sources as the Committee determines.
31. (2) The income and property of the Association
whencesoever derived, shall be applied solely towards
the promotion of the objects of the Association, and no
portion thereof shall be paid or transferred directly or
indirectly, by way of dividends, bonus or otherwise
howsoever by way of profit or gain to the individual
members of the Association. Provided that nothing
herein shall prevent the payment, in good faith, of
reasonable and proper remuneration to any officer or
servant or to any member of the Association in return
for any services actually rendered to the Association or
prevent the payment for out of pocket expenses, interest
on money lent or reasonable and proper rent for
premises demised or let by an officer or servant of the
Association or member of the Association.
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Ferntree Gully And District Ladies’ Wednesday
Tennis Association Inc. Reg. No. A0020445v