Racing Industry Act 2020

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

33: Racing codes must prepare property investment strategy in respect of transferred assets and venues

You could also call this:

“Racing groups need to make and share plans for their new properties”

If you are part of a racing code that owns assets or surplus venues transferred to you under this law, you need to do a few things. First, you must create a plan called a property investment strategy. This plan should explain how you will take care of these assets or surplus venues. It should also include information about which racing club venues you want to fix up first.

You need to keep this plan up to date. It’s not just a one-time thing. You also need to make sure everyone can see this plan. To do this, you must put a copy of it on a website that your racing code runs or has someone run for you.

This rule applies as long as your racing code owns any of these transferred assets or surplus venues. It’s a way to make sure you’re thinking carefully about how to use these properties and that you’re being open about your plans.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS323902.


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

33Racing codes must prepare property investment strategy in respect of transferred assets and venues

  1. This section applies while a racing code owns any assets or surplus venues that have been transferred to the code in accordance with this subpart.

  2. The racing code must prepare and maintain a property investment strategy that states how the code proposes to manage those assets or surplus venues, including (without limitation) the code’s priorities regarding the refurbishment of retained venues owned by racing clubs registered with the code.

  3. The racing code must publish a copy of the strategy on an Internet site maintained by or on behalf of the code.