Distribution of Racecourse Development Fund
11A Distribution of Racecourse Development Fund
In this clause—
assets means any legal or equitable estate or interest (whether present or future and whether vested or contingent) in real or personal property of any description (including money), and includes securities, choses in action and documents.
instrument means an instrument (other than this Act) that creates, modifies or extinguishes rights or liabilities (or would do so if lodged, filed or registered in accordance with any law), and includes any judgment, order or process of a court.
liabilities means any liabilities, debts and obligations (whether present or future and whether vested or contingent).
rights means all rights, powers, privileges and immunities (whether present or future and whether vested or contingent).
the RDF means the fund continued by clause 11 as the RDF under this Act.
On a day appointed by proclamation for the purposes of this clause, the RDF is wound up and the assets, rights and liabilities of the RDF are transferred to such person or persons (as transferee) as the Minister directs by order in writing published in the Gazette.
When assets, rights and liabilities are transferred under this clause, the following provisions apply—
the assets transferred vest in the transferee by force of this clause and without the need for any conveyance, transfer, assignment or assurance,
the rights and liabilities transferred become by force of this clause the rights and liabilities of the transferee,
all proceedings pending in relation to the transferred assets, rights and liabilities immediately before the transfer are taken to be proceedings pending by or against the transferee,
anything done or omitted to be done in relation to the transferred assets, rights or liabilities is (to the extent that it has any force or effect) taken to have been done or omitted to be done by, to or in respect of the transferee,
a reference in any instrument (except an instrument exempted from this paragraph by direction of the Minister) made or entered into before the day appointed for the purposes of this clause to the Racecourse Development Fund under the Totalizator Act 1916 or to the RDF under this Act is taken to be a reference to any fund to which the assets, rights and liabilities were transferred,
any instrument executed only for a purpose ancillary to or consequential on the operation of this clause or the purpose of giving effect to this clause is not chargeable with stamp duty and is exempt from payment of any fee or charge that would otherwise be payable under any other Act in respect of the registration of the instrument.
This Act’s bill:Explanatory memorandumSecond reading speech
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