Major assets of dissolved club to be kept intact
17AI Major assets of dissolved club to be kept intact
During the period of 3 years following the amalgamation of 2 or more registered clubs (or during such longer period as may be agreed on by the clubs concerned before the amalgamation), the parent club must not dispose of any of the major assets of the dissolved club unless the disposal has been approved by the Authority.
Maximum penalty—100 penalty units.
The Authority may approve of the disposal of any of the major assets of the dissolved club only if the Authority is satisfied that—
the disposal is necessary to ensure the financial viability of the parent club, and
a majority of the members of the dissolved club have approved of the disposal.
In this section—
major assets of a dissolved club means assets that are of a class prescribed by the regulations.
This provision refers to the regulations (prescribed by the regulations
). Made under this Act:
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