New Zealand Legislation: Acts
Acts are laws made by Parliament
(1) On the dissolution of a racing club, the assets of the club remaining after all legal claims on the club have been satisfied must be disposed of for racing, public, charitable, or other purposes in the manner that the club, with the approval of the racing code with which it is registered, determines.
(2) The purposes for which the assets must be disposed of must be published by the racing code by notice in the Gazette.
(3) If there is a dispute over the disposition of assets involving a racing club that is an incorporated society or a charitable trust, the dispute must be determined in accordance with section 27 of the Incorporated Societies Act 1908 or section 27 of the Charitable Trusts Act 1957, as the case may be.
(4) For the purposes of subsection (3), a racing club that is neither an incorporated society nor a charitable trust must be treated as if it were an incorporated society.
(5) If 2 or more racing clubs propose to combine to form 1 club, the assets of any club that proposes to dissolve as a result of that combination may, with the approval of the racing code with which it is registered, be transferred (whether before or after dissolution) to the club with which it proposes to combine.
Compare: 1971 No 155 s 34
