Australian Jockey and Sydney Turf Clubs Merger Act 2010
15Transferable rights and liabilities become those of merged racing club
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15 Transferable rights and liabilities become those of merged racing club
15 Transferable rights and liabilities become those of merged racing club
(1) The transferable rights become, by virtue of this section, the rights of the merged racing club on the merger finalisation day and may be exercised without regard to any fetters on the exercise of those rights that were enforceable by any member of the AJC or STC immediately before the merger finalisation day by reason of being a member.
(2) The transferable liabilities become, by virtue of this section, the liabilities of the merged racing club on the merger finalisation day.
(3) Without limiting subsection (2), any indemnity granted (or taken to have been granted) by or on behalf of the AJC or STC to an officer of the AJC or STC before the merger finalisation day with respect to conduct in his or her capacity as such is enforceable against the merged racing club on and from the merger finalisation day as if the merged racing club had granted the indemnity.