36.1

If the Association has been notified by the Commissioner that its income is exempt from income tax:

36.1.1

the Association must promptly notify the Commissioner of all amendments to the Rules (if required by the Commissioner); and

36.1.2

on winding up the remaining assets of the Association may only be given to an entity that is also exempt from income tax.

36.2

If the Association has been notified by the Commissioner that gifts and contributions to the Association will be an allowable deduction:

36.2.1

the Association must promptly notify the Commissioner of all amendments to the Rules (if required by the Commissioner); and

36.2.2

the Board must maintain and apply donated funds for the principal purpose of the Association and if required by the Commissioner, in a separate account:

(a)      to which gifts of money or property for that purpose are to be made;

(b)      to which any money received by the Association because of such gifts is to be credited;  and

(c)      that does not receive any other money or property.

36.3

Any Gift Fund:

36.3.1

must be kept in a bank account separate from the other accounts of the Association; and

36.3.2

will, unless the Board determines otherwise, be governed by the Rules.

36.4

Upon any Gift Fund being wound up or if the endorsement (if any) as a deductible gift recipient is revoked, any surplus assets of the Gift Fund remaining after the payment of liabilities attributable to it, will be transferred to an Entity:

36.4.1

that has similar Objects to the Association;

36.4.2

that also prohibits the distribution of profit, income and assets to its members to at least as great an extent as the Rules; and

36.4.3

to which income tax deductible gifts can be made.