Racing and Wagering Act 2024

(1) A race club that is no longer registered must take all reasonable steps to dissolve itself in accordance with:

(2) If there is an inconsistency between the constitution of a race club in relation to its dissolution and this Act, this Act prevails to the extent of the inconsistency.

(3) The Director may, in writing, allow a race club to postpone its dissolution for a period not exceeding 12 months from the date on which the club ceased to be registered if satisfied that:

(a) the financial records of the race club are adequate and accurate; and

(4) The Director may allow a race club further postponements of its dissolution for:

(b) an indefinite period specified by the Director if the race club and its officers or members caused no delay in the race club's dissolution.

(5) If a race club fails to complete its dissolution within the period required under this section, on the day after the period expires:

(6) Subject to any Act of the Commonwealth, a thing forfeited to the Territory under this Act becomes the public property of the Territory and extinguishes all other interests in the thing.

Notes for subsection (6)

1 The Personal Property Securities Act 2009 (Cth) protects security interests in goods.

2 The sale and disposal of public property is also governed by the Financial Management Act 1995.

(7) Any amount realised from the forfeited assets of a race club must be paid as follows:

(a) first for the payment of all debts and liabilities, if any, of the race club;

(b) second for any reasonable expenses incurred by the race control body in relation to the dissolution of the race club;