New Zealand Legislation: Acts
Acts are laws made by Parliament
(1) Each racing code must deliver to the Board, before the commencement of each racing year, a proposed statement of intent and business plan relating to that year and to each of the 2 subsequent racing years.
(2) The proposed statement of intent must set out, for each racing year to which it relates,—
(a) the code's rules, as required by section 6 of the Incorporated Societies Act 1908; and
(b) the objectives of the code; and
(c) the nature and scope of the activities to be undertaken by the code; and
(d) a statement of the code's policy for distributing funds received from the Board to racing clubs registered with the code in accordance with section 25; and
(e) the performance targets and other measures by which its performance may be judged in relation to its activities; and
(f) a statement of accounting policies.
(3) On receipt of a racing code's proposed statement of intent and business plan, the Board must, within 1 calendar month, write to the code, either—
(a) approving the statement and plan; or
(b) setting out the reasons why it has not approved the statement or plan.
(4) Without limiting the generality of subsection (3), the Board may decline to approve a racing code's proposed statement of intent or business plan if the Board considers that—
(a) the code's objectives are inconsistent with its own objectives; or
(b) any of the code's rules are—
(i) unreasonable; or
(ii) undemocratic; or
(iii) unfairly discriminatory; or
(iv) unfairly prejudicial; or
(v) contrary to law.
(5) This section does not prevent—
(a) a racing code from submitting a revised statement of intent or business plan after the commencement of a racing year; or
(b) the Board from approving the revised statement or plan.
(6) Subsection (3) applies to a revised statement of intent or business plan with any necessary modifications.