13Vesting of assets in merged racing club

13 Vesting of assets in merged racing club

13 Vesting of assets in merged racing club

(1) The transferable assets vest in, and become the assets of, the merged racing club by virtue of this section on the merger finalisation day:

(a) without the need for any further conveyance, transfer, assignment or assurance, and

(b) free of any estate or interest that any member of the AJC or STC may have had in the assets immediately before the merger finalisation day by reason of being a member.

(2) Without limiting subsection (1), any lease of Randwick Racecourse granted to the AJC under the Australian Jockey Club Act 2008 that is in force immediately before the merger finalisation day vests in the merged racing club as lessee on that day for the remainder of the period of the lease (and subject to the same conditions and restrictions that applied in relation to the lease immediately before that day) and without the need for the consent of the Randwick Racecourse trustees (within the meaning of this Act as originally enacted).

(3) No attornment to the merged racing club by a lessee or sublessee from the AJC or STC is required.

s 13: Am 2011 No 30, Sch 1 [4].