119Merger of clubs

119 Merger of clubs

(1)  A registered club may, with the prior written permission of Tasracing, merge with –

(a) any other registered club; or

(b) a new club being formed, whether by the merger of 2 or more registered clubs or otherwise.

(2)  Tasracing must not give permission under subsection (1) unless the Racing Integrity Committee has considered the proposed merger and approved the giving of permission for the merger.

(3)  Tasracing must, as soon as practicable after permitting a club merger, cause a notice (a merger notice) to be published in the Gazette –

(a) setting out particulars of the merger; and

(b) specifying the date on which the merger will take effect.

(4)  If Tasracing approves the merger of a club with any other club, all of the assets and liabilities of the former club are, on the date specified under subsection (3)(b) , vested in and transferred to the latter club without further assurance.

(5)  A merger notice is not a statutory rule.

(6)  In this section –

assets, of a club, includes any assets held on behalf, or for the purposes, of the club;

liabilities, of a club, includes any liabilities that may be discharged out of its assets.