The transition of all assets to Gulf Regional Economic Aboriginal Trust (GREAT) is complete. The Aboriginal Benefits Trust (ADBT) continues to provide all of its services
The Gulf Regional Economic Aboriginal Trust (GREAT) is a charitable company limited by guarantee.
GREAT was established to transition assets of the Aboriginal Development Benefits Trust (ADBT) to a new, more appropriate corporate structure which is more in line with the requirements of the Australian Charities and Not-for-profits Commission (ACNC).
GREAT’s charitable purpose remains the same and aligns with the original purpose of ADBT when the fund was established in April 1998. ADBT has not changed it will still provide small business assistance and loans as well as grants for community and youth for leadership and sport.
The key benefits of the new trust corporate structure:
- removes the requirement for the NCZ representative to be present (NCZ) to achieve a quorum. NCZ recognise the success of ADBT and support the removal of this requirement.
- clarification of terms of appointment to the Board, currently this is perceived as “for life” with the new constitution clearly setting out how our directors are appointed from its members and for how long.
- recognises the Prescribed Body Corporates (PBC’s) now established. At the formation of ADBT these PBC’s did not exist, the new constitution provides for wider representation.
- removes the responsibility of the GADC to facilitate the appointment of the Native Title directors.
- removes the responsibility of NCZ to facilitate the appointment of the Community Representative directors.
- better protect the assets and the operations of the Trust, ensuring that ownership of these assets stay with all beneficiaries.
The purpose aligns with that of ADBT which is to disperse funds received from NCZ for the benefit of Aboriginal people from the Lower Gulf via charitable activities and economic development.
GREAT – what it will look like and how it will function with ADBT
Annual funds received from NCZ will continue to be paid to ADBT. The ADBT board will resolve how these funds are to be distributed.
GREAT has transferred all assets from ADBT by way of capital distribution, including shares in Related Body Corporates and units in related trusts.
Directors could be different between ADBT and GREAT; initially they may be the same directors, with new members appointing Directors once their membership is accepted.
Who are GREAT’s members?
On establishment, the initial member is ADBT. Under clause 4.1 of GREAT's company constitution, membership of the GREAT trustee company is limited to 'Member Corporations' which are defined in clause 1.1 as :
(a) ADBT Pty Ltd ACN 082 313 433 as trustee for the Aboriginal Development Benefits Trust;
(b) Waanyi Native Title Aboriginal Corporation RNTBC ICN 7448;
(c) Gulf Region Aboriginal Corporation RNTBC ICN 7139;
(d) Gkuthaarn and Kukatj Aboriginal Corporation RNTBC ICN 8895;
(e) Mingginda Aboriginal Corporation ICN 3011;
(f) Kurtijar Aboriginal Corporation ICN 2169 or such other successor corporation formed as the Prescribed Body Corporate for the Kurtijar people;
(g) Gangalidda and Garawa Native Title Aboriginal Corporation RNTBC ICN 7365;
(h) any other Aboriginal and Torres Strait Islander Corporation or other Aboriginal Entity incorporated or settled after the date of this Constitution which is accepted as a Member in accordance with Chapter 4; and
(i) all of the following bodies which are representative of Local Aboriginal People within the Local Government Areas and any other bodies which may be formed after the date of the Company's incorporation, whether in addition to, or in replacement:
- The Moungibi Housing Co-Operative Society Limited;
- The Bynoe Community Advancement Co-Operative Society Limited;
- Mornington Shire Council; and
- Doomadgee Aboriginal Shire Council.
Corporate – flexibility to invite
Under clause 7.2.2 of GREAT's company constitution, each Member Corporation shall have the right to appoint one (1) Director.