New South Wales Consolidated Acts

HAWKESBURY RACECOURSE ACT 1996 - SECT 7

7 Vesting of assets, rights and liabilities of former club

(1) On the date of publication of the notice referred to in section 6, the following provisions have effect:

(a) the assets of the former club vest in the incorporated club by virtue of this section and without the need for any conveyance, transfer, assignment or assurance,

(b) the rights and liabilities of the former club become by virtue of this section the rights and liabilities of the incorporated club,

(c) all proceedings by or on behalf of, or against, the former club pending immediately before that date are taken to be proceedings pending by or on behalf of, or against, the incorporated club,

(d) any act, matter or thing done or omitted to be done in relation to the former club before that date by, to or in respect of that club is (to the extent that the act, matter or thing continues to have effect) taken to have been done or omitted to be done by, to or in respect of the incorporated club,

(e) a reference in any other Act, in any instrument made under another Act, or in any document of any kind, to the former club is, subject to any regulations in force under section 10, to be read as, or as including, a reference to the incorporated club.

(2) The operation of this section is not to be regarded:

(a) as a breach of contract or confidence or otherwise as a civil wrong, or

(b) as a breach of any contractual provision prohibiting, restricting or regulating the assignment or transfer of assets, rights or liabilities, or

(c) as giving rise to any remedy by a party to an instrument, or as causing or permitting the termination of any instrument, because of a change in the beneficial or legal ownership of any asset, right or liability, or

(d) as an event of default under any contract or other instrument.

(3) No attornment to the incorporated club by a lessee or sublessee from the former club is required.

(4) No compensation is payable to any person in connection with a transfer under this section.

(5) In this section, a reference to the assets of the former club includes a reference to any lease of the Hawkesbury Racecourse that was in existence immediately before the date referred to in subsection (1).

(6) In this section, a reference to the assets, rights or liabilities of the former club includes a reference to the assets, rights or liabilities (respectively) of the chairman of the former club that the chairman held in trust for that club (in the case of assets or rights), or was subject to on behalf of that club (in the case of liabilities).