20Cessation of certain personal rights and liabilities of officers of AJC or STC

20 Cessation of certain personal rights and liabilities of officers of AJC or STC

20 Cessation of certain personal rights and liabilities of officers of AJC or STC

If any asset, right or liability or any regulatory authorisation becomes that of the merged racing club by operation of this Division:

(a) any officer of the AJC or STC who held any such asset, or in whom such an asset was vested, ceases on and from the merger finalisation day:

(i) to hold, or be vested with, the asset, and

(ii) to have any rights or liabilities associated with holding or being vested with the asset, and

(b) any officer of the AJC or STC who could have exercised or otherwise enforced any such right ceases on and from the merger finalisation day to have the power to exercise or otherwise enforce the right, and

(c) any officer of the AJC or STC against whom any such liability was or could have been enforceable ceases on and from the merger finalisation day to be the person against whom that liability may be enforced, and

(d) any officer of the AJC or STC who held any such regulatory authorisation ceases on and from the merger finalisation day:

(i) to hold the authorisation, and

(ii) to have any rights or liabilities associated with holding the authorisation.