Plain language law

New Zealand law explained for everyone

Racing Industry Act 2020

Racing - Transfer of assets and surplus venues - Transfer of assets

25: Transfer of assets if racing clubs combine

You could also call this:

“Racing clubs can share their stuff when they join together”

This law is about what happens when racing clubs want to join together. If two or more racing clubs want to become one club, they can transfer their assets. This means the club that’s going to close can give its things to the new combined club. But before they do this, they need to get permission from the racing code they’re registered with. The racing code is like a big organisation that looks after all the clubs for a specific type of racing.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS292069.

Topics:
Money and consumer rights > Gambling Business > Industry rules
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26: Transfer of surplus venue by agreement, or

"Racing clubs can give away extra racecourses to their racing group"

Part 2 Racing
Transfer of assets and surplus venues: Transfer of assets

25Transfer of assets if racing clubs combine

  1. This section applies if 2 or more racing clubs propose to combine to form 1 club.

  2. The assets of a club that proposes to dissolve as a result of that combination may, with the approval of the racing code with which it is registered, be transferred to the club with which it proposes to combine.

Compare
  • 1971 No 155 s 34(3)
  • 2003 No 3 s 27(5)