68Dissolution if deregistered

68 Dissolution if deregistered (1) A race club that is no longer registered must take all reasonable steps to dissolve itself in accordance with: (a) its constitution; and (b) this Act; and (c) any other law applicable to the dissolution. (2) If there is an inconsistency between the constitution of a race club in relation to its dissolution and this Act, this Act prevails to the extent of the inconsistency. (3) The Commission may, in writing, allow a race club to postpone its dissolution for a period not exceeding 12 months from the date on which the club ceased to be registered if satisfied that: (a) the financial records of the race club are adequate and accurate; and (b) the assets of the race club are secure. (4) The Commission may allow a race club further postponements of its dissolution for: (a) subsequent periods not exceeding 6 months at a time; or (b) an indefinite period specified by the Commission if the race club and its officers or members caused no delay in the race club's dissolution. (5) If a race club fails to complete its dissolution within the period required under this section, on the day after the period expires: (a) the race club is automatically dissolved; and (b) the assets of the race club are forfeited to the Territory.

Racing and Wagering Act 2024 36 (6) Subject to any Act of the Commonwealth, a thing forfeited to the Territory under this Act becomes the public property of the Territory and extinguishes all other interests in the thing. Notes for subsection (6) 1 The Personal Property Securities Act 2009 (Cth) protects security interests in goods. 2 The sale and disposal of public property is also governed by the Financial Management Act 1995. (7) Any amount realised from the forfeited assets of a race club must be paid as follows: (a) first for the payment of all debts and liabilities, if any, of the race club; (b) second for any reasonable expenses incurred by the race control body in relation to the dissolution of the race club; (c) any remaining balance to the Territory.