112Purchase and improvement of racecourses

112 Purchase and improvement of racecourses

(1)  In this section –

allowed limit means –

(a) $5 000; or

(b) if another amount is prescribed, that other amount.

(2)  A racing club must not, without the written approval of Tasracing –

(a) buy a racecourse; or

(b) spend, in any one racing year, in excess of the allowed limit on improving a racecourse unless the amount of the excess is met from the club's current funds exclusive of any additional borrowings relating, wholly or partly, to the carrying out of those improvements.