Thoroughbred Racing Act 1996

The AJCPC may enter into an agreement or agreements with the AJC providing for the transfer from the AJC to the AJCPC of assets, rights, liabilities and employees of the AJC that are concerned with the exercise of principal club functions. Such an agreement is referred to in this Part as a transfer agreement and operates to transfer the assets, rights, liabilities and employees concerned in accordance with the terms of the transfer agreement.

The regulations can direct the transfer from the AJC to the AJCPC of assets, rights, liabilities and employees of the AJC that are concerned with the exercise of principal club functions. Such a regulation operates to transfer the assets, rights, liabilities or employees concerned in accordance with the terms of the regulation.

A transfer effected by a transfer agreement or by regulation under this clause is without consideration or compensation except such consideration or compensation as may be provided for by the transfer agreement or regulation.

The AJC must not transfer or otherwise deal with any asset that is concerned with the exercise of principal club functions, except with the consent of the AJCPC. Consent may be given under this subclause on a case by case basis or for a class of cases, as the AJCPC thinks fit.

A regulation under this clause takes effect on the day following the last day on which it is capable of being disallowed under section 41 of the Interpretation Act 1987 (as modified by subclause (6)) or on such later day as may be specified in the regulation.

Despite section 41 of the Interpretation Act 1987, a resolution by a House of Parliament to disallow a regulation under this clause does not have effect unless the resolution is passed within 15 sitting days of the House after written notice of the making of the regulation is laid before that House under section 40 of that Act.