118Winding-up of clubs

118 Winding-up of clubs

(1)  Tasracing may wind up a registered club if satisfied that the club has –

(a) disbanded; or

(b) ceased to hold race meetings; or

(c) failed in any 12-month period to hold a race meeting.

(2)  Tasracing may not wind up a company unless the Racing Integrity Committee has considered and approved the winding-up.

(3)  If Tasracing decides to wind up a registered club, Tasracing must –

(a) cause a notice (a winding-up notice) to be published in the Gazette declaring that the club is to be wound up; and

(b) give the club notice of the decision as soon as practicable; and

(c) within 14 days of making the decision, notify the Commissioner in writing of the decision and the reasons for that decision.

(4)  A person must not, without obtaining the prior written permission of Tasracing –

(a) dispose of, or otherwise deal with, any of the assets of a registered club that is being wound up; or

(b) incur any liability on behalf of a registered club that is being wound up.

Penalty:  Fine not exceeding 50 penalty units.

(5)  Once a winding-up notice has been published in relation to a registered club –

(a) Tasracing may take possession of the club's assets and apply all or any part of those assets towards the discharge of any liabilities that the club had when the notice was published or arising in respect of any such assets; and

(b) if a residue of those assets remains after discharging those liabilities, Tasracing is, after recouping its costs in relation to the winding-up, to hold that residue and to apply it for the benefit of the racing industry.

(6)  If the assets of a registered club being wound up consist partly of an interest in land and it appears to Tasracing that the club's other assets will be sufficient to discharge its liabilities, Tasracing may transfer that interest in land to itself, free of consideration, to be held or applied for the benefit of the racing industry.