19Assets, rights and liabilities outside of the State

19 Assets, rights and liabilities outside of the State

19 Assets, rights and liabilities outside of the State

(1) If any asset that forms part of the transferable assets:

(a) is vested in or held by a relevant person under the law of an external jurisdiction immediately before the merger finalisation day, and

(b) does not, despite section 13, become the asset of the merged racing club under the law of that jurisdiction,

the relevant person:

(c) subject to paragraph (d), holds the asset, for the purposes of the law of the State, in trust for the sole benefit of the merged racing club until such time as the asset becomes the asset of the merged racing club under the law of the external jurisdiction or the trust is otherwise terminated, and

(d) if it is possible for the relevant person to vest the asset in the merged racing club under the law of that external jurisdiction by effecting a conveyance, transfer, assignment or assurance and the merged racing club directs it—must, in accordance with any such direction, effect any such conveyance, transfer, assignment or assurance.

Note—

For example, paragraph (d) enables the merged racing club to direct that the legal title to an asset be transferred to it as the beneficial owner of the asset.

(2) The trust created by subsection (1) (c) is to be treated, for all purposes, as if it was a bare trust declared by the relevant person inter vivos.

Note—

The general law relating to the law of trusts applies to the trust created by subsection (1) (c).

(3) If any right that forms part of the transferable rights (being rights that are not also part of the transferable assets):

(a) is exercisable by a relevant person under the law of an external jurisdiction, and

(b) does not, despite section 15 (1), become a right of the merged racing club on or after the merger finalisation day under the law of that jurisdiction,

the relevant person (or any person entitled to exercise the right instead of the relevant person) must exercise that right in accordance with any directions given by the merged racing club from time to time.

(4) If any liability that forms part of the transferable liabilities:

(a) is a liability enforceable against a relevant person under the law of an external jurisdiction, and