Racing Act 2002

A non-proprietary entity must not divide, directly or indirectly, money comprising the entity’s revenues, profits or other assets, however derived, among the individual members of the entity or any of them.

The non-proprietary entity may apply amounts comprising its revenues and profits—

for encouraging the relevant control body’s code of racing in Queensland if the application is under 1 of the control body’s policies for that purpose; and

for a charitable, benevolent, patriotic or special purpose, if the application is under the relevant control body’s written approval obtained before the entity applies the amounts.

This section does not prevent—

a payment to a member of a non-proprietary entity as—

principal and interest payable for amounts lent to the entity by that member, calculated at a rate not exceeding the rate for the time being approved by the Reserve Bank of Australia as the maximum rate of interest chargeable by banks for overdraft accommodation; or

rent for a lease of a licensed venue that is the property of the member, if the lease was approved by the Minister before its execution; or

reimbursement for reasonable expenses incurred by the member under 1 of the relevant control body’s policies that provides the expenses may be incurred; or

an expenditure by the non-proprietary entity for—

providing reasonable entertainment for the entity’s members in common with other persons; and

defraying a member’s expenses for attending, with the approval of the entity before attending—

a conference or meeting of persons interested or concerned in racing or in the control, holding or supervision of race meetings; or

a conference or meeting with the relevant control body or with the Minister; or

a place to promote the entity’s interests; or

a payment to 1 of the entity’s members of prize money, or for the award of a trophy, won by a licensed animal at a race meeting held by the entity; or

a payment by the entity of a reasonable amount to a person, whether or not a member of the entity, for legal, accounting, secretarial or other professional services requested by or given to the entity.