Racing Act 2002

A non-proprietary entity may not dispose of any of its asset unless—

if the asset is an amount comprising the entity’s revenues and profits—the amount is applied under section 128(2) or (3); or

if the asset is an interest in real property and is used for a purpose mentioned in subsection (2)—the asset is disposed of under that subsection; or

if the asset is not an amount mentioned in paragraph (a) or an interest in real property used for a purpose mentioned in subsection (2), the asset is disposed of under—

1 of the relevant control body’s policies; or

a written approval of the relevant control body, obtained before the disposal and relating to that asset.

Despite this Act or another Act, or a law, custom or practice, the entity must not dispose of an interest in real property that is used for the following purposes without the approval of the Minister obtained before the disposal—

a licensed venue;

a place for exercising, conditioning or training licensed animals.

An approval given for subsection (2) must be published in the gazette.

The Minister may, under subsection (2), approve the disposal of an asset that is an interest in real property used for a purpose mentioned in that subsection only if the following happened before the entity sought the Minister’s approval—

the majority of the entity’s members present at a meeting of it approved of the disposal;

the relevant control body’s approval was obtained.

A relevant control body may grant an approval mentioned in subsection (4)(b) on conditions the control body considers appropriate.