Australian Jockey and Sydney Turf Clubs Merger Act 2010
24Status of AJC and STC on and after merger finalisation day
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24 Status of AJC and STC on and after merger finalisation day
24 Status of AJC and STC on and after merger finalisation day
(1) Status of AJC Subject to this Division, nothing in this Act (including section 39) operates to wind up or dissolve the AJC.
(2) Accordingly, the AJC is not required to wind up its affairs or pay its liabilities and distribute its assets as a result of the operation of this Act.
(3) However, the AJC may (but need not) wind up its affairs or deregister the AJC in accordance with the provisions of the Corporations Act.
(4) Status of STC On the merger finalisation day:
(a) the STC is dissolved, and
(b) the members of the STC cease to be members of the STC, and
(c) the directors of the STC, and any person holding office as the Chairperson, Vice-Chairperson or Honorary Treasurer, cease to hold office as such, and
(d) any person who ceases to be a member of the STC or to hold an office because of the operation of this subsection is not entitled to any compensation for the loss of that membership or office.
(5) The merged racing club is taken for all purposes, including the rules of private international law, to be the successor of the dissolved STC.
(6) Entitlements of membership to be afforded by merged racing club to existing members A person who was a member of the AJC or STC immediately before the merger finalisation day (an existing club member) is entitled to be afforded the same or equivalent entitlements of membership of the merged racing club as the person had as a member of the AJC or STC immediately before the merger finalisation day.
(7) The merged racing club is specifically required to make provision for an existing club member to be afforded the membership entitlements to which the member is entitled under subsection (6) for the period of 12 months commencing on the merger finalisation day.
(8) Nothing in subsection (6) or (7) prevents or otherwise limits the merged racing club from admitting members to the club or from excluding any person from membership of the club in accordance with the club rules of the merged racing club.
(9) Definition In this section:
member of the AJC does not include a member of the former AJC.