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This is a Bill, not an Act. For current law, see the Acts databases.
TASMANIA
__________
RACING (TASRACING PTY LTD) BILL 2009
__________
CONTENTS
PART 1 PRELIMINARY
1. Short title
2. Commencement
3. Interpretation
4. Application of Act to subsidiary
PART 2 TASRACING PTY LTD
5. Formation of Company
6. Principal objectives of Company
7. Status of Company
8. Application of Corporations Act
9. Shares
10. Members of Company
11. Constitution of Company
12. Shareholders' statement of expectations
13. Corporate plan
14. Directors of Company
PART 3 FINANCIAL PROVISIONS
15. Accounts and report of Company
16. Loan from Treasurer
[Bill 33]-I
17. Guarantee or indemnity
18. Guarantee fees
19. Tax equivalents
20. Audit
21. Treasurer's Instructions
22. Effect of Financial Agreement Act 1994
23. Superannuation information
24. Superannuation
PART 4 MISCELLANEOUS AND SUPPLEMENTAL
25. Directors of Company
26. Vacancies in offices of directors of Company
27. Grants and loans
28. Limitations on members of Company
29. Land Acquisition Act 1993 does not apply
30. Arrangements with Minister
31. Administration of Act
PART 5 AMENDMENTS TO RACING REGULATION ACT 2004
32. Principal Act
33. Section 29 amended (How and when should persons appeal?)
SCHEDULE 1 PROVISIONS TO BE INCLUDED IN CONSTITUTION
2
RACING (TASRACING PTY LTD) BILL 2009
(Brought in by the Minister for Police and Emergency
Management, the Honourable James Glennister Cox)
A BILL FOR
An Act to establish Tasracing Pty Ltd to provide for the
governance of the racing industry and for administrative
and financial services to that industry
Be it enacted by His Excellency the Governor of Tasmania, by
and with the advice and consent of the Legislative Council and
House of Assembly, in Parliament assembled, as follows:
PART 1 PRELIMINARY
1. Short title
This Act may be cited as the Racing (Tasracing
Pty Ltd) Act 2009.
2. Commencement
This Act commences on 1 July 2009 but, if it
does not receive the Royal Assent on or before
that day, it is taken to have commenced on that
day.
[Bill 33] 3
Racing (Tasracing Pty Ltd) Act 2009
Act No. of
s. 3 Part 1 Preliminary
3. Interpretation
(1) In this Act, unless the contrary intention
appears
"asset" means property of any kind whether
tangible or intangible, real or personal,
present or future, whether arising from,
accruing under, created or evidenced by,
or the subject of, an instrument or
otherwise and whether liquidated or
unliquidated, actual, contingent or
prospective and includes, without
limitation, any
(a) legal or equitable estate or
interest in real or personal
property; and
(b) chose in action; and
(c) money, documents or securities;
and
(d) infrastructure; and
(e) plant and equipment; and
(f) intellectual property; and
(g) goodwill; and
(h) records; and
(i) other right;
"Board" means the board of directors of the
Company referred to in section 14;
4
Racing (Tasracing Pty Ltd) Act 2009
Act No. of
Part 1 Preliminary s. 4
"Company" means the company referred to
in section 5;
"liability" means any liability, duty or
obligation whether actual, contingent or
prospective, liquidated or unliquidated,
and whether owed alone or jointly or
jointly and severally with any other
person;
"member of the Company" means a member
referred to in section 10;
"principal objectives" means the principal
objectives of the Company specified in
section 6;
"right" means any right, power, privilege or
immunity, whether actual, contingent or
prospective;
"TRB" means the Tasmanian Racing Board
established under section 10 of the
Racing Regulation Act 2004.
(2) Unless the contrary intention appears, an
expression used in this Act has the same
meaning as it has in the Racing Regulation Act
2004.
4. Application of Act to subsidiary
If the Company arranges for any of its functions
to be performed by a subsidiary, within the
meaning of the Corporations Act, the application
5
Racing (Tasracing Pty Ltd) Act 2009
Act No. of
s. 4 Part 1 Preliminary
of this Act extends to the subsidiary as if it were
the Company.
6
Racing (Tasracing Pty Ltd) Act 2009
Act No. of
Part 2 Tasracing Pty Ltd s. 5
PART 2 TASRACING PTY LTD
5. Formation of Company
The Minister may form, or participate in the
formation of, a company limited by shares and
incorporated under the Corporations Act to
perform functions relating to the governance of
the racing industry and to provide administrative
and financial services to that industry.
6. Principal objectives of Company
On its incorporation, the principal objectives of
the Company are
(a) to perform its functions and exercise its
powers so as to be a successful business
by operating in accordance with sound
commercial practice as efficiently and
effectively as possible; and
(b) to perform any functions conferred by
the Racing Regulation Act 2004 and any
other Act.
7. Status of Company
(1) Unless this or any other Act expressly provides
otherwise, the Company
(a) is not, and does not represent, the Crown
in right of Tasmania; and
7
Racing (Tasracing Pty Ltd) Act 2009
Act No. of
s. 8 Part 2 Tasracing Pty Ltd
(b) except as provided in the Racing
(Tasracing Pty Ltd) (Transitional and
Consequential Provisions) Act 2009, is
not exempt from any rate, tax, duty or
other impost imposed under any law
merely because the Crown in right of
Tasmania has beneficial ownership of
shares in it; and
(c) is not subject to any prerogative right or
privilege of the Crown in right of
Tasmania.
(2) The Crown in right of Tasmania is not liable for
any liability or obligation of the Company unless
the Treasurer gives a guarantee or an indemnity
under section 17.
8. Application of Corporations Act
To the extent that any provision of this Act or
the regulations is incapable of concurrent
operation with the Corporations legislation, that
provision is declared to be a Corporations
legislation displacement provision for the
purposes of section 5G of the Corporations Act.
9. Shares
(1) Shares in the Company issued to the members of
the Company are held by the members of the
Company in trust for the Crown.
8
Racing (Tasracing Pty Ltd) Act 2009
Act No. of
Part 2 Tasracing Pty Ltd s. 10
(2) A member of the Company who holds shares in
the Company in trust for the Crown must not
acquire shares in the Company for his or her
own benefit.
(3) Any shares acquired in the Company in
contravention of subsection (2) are taken to be
held in trust for the Crown but the Crown is not
liable to meet the cost of that acquisition.
10. Members of Company
The members of the Company on its
incorporation are
(a) the Minister; and
(b) the Treasurer or, if the Treasurer is also
the Minister, one other Minister of the
Crown determined by the Treasurer.
11. Constitution of Company
(1) The constitution of the Company on its
incorporation is to include
(a) the principal objectives of the Company;
and
(b) provisions to the effect of the provisions
set out in Schedule 1.
(2) Other provisions of the constitution of the
Company on its incorporation are to be
consistent with this Act.
9
Racing (Tasracing Pty Ltd) Act 2009
Act No. of
s. 12 Part 2 Tasracing Pty Ltd
(3) The members of the Company are to give to the
Minister a copy of a special resolution altering,
adding to or omitting a provision of the
constitution of the Company within 14 days after
the making of the special resolution.
(4) The Minister is to cause a copy of a special
resolution referred to in subsection (3) to be
tabled in each House of Parliament within 7
sitting-days after receiving it.
12. Shareholders' statement of expectations
(1) As soon as practicable after the day on which the
Company is incorporated, the members of the
Company must provide the Board with a
shareholders' statement of expectations.
(2) The shareholders' statement of expectations is to
specify
(a) the strategic priorities of the Company;
and
(b) the high-level policy expectations of
members of the Company for the
performance and business of the
Company and its subsidiaries.
(3) The members of the Company may at any time
at their own discretion or on receipt of an
application from the Board
(a) amend the shareholders' statement of
expectations; or
10
Racing (Tasracing Pty Ltd) Act 2009
Act No. of
Part 2 Tasracing Pty Ltd s. 13
(b) revoke the shareholders' statement of
expectations and substitute another
shareholders' statement of expectations.
(4) Before or while preparing a shareholders'
statement of expectations or an amendment to a
shareholders' statement of expectations, the
members of the Company must consult with the
Board.
13. Corporate plan
(1) The Board must prepare a corporate plan each
financial year and submit it to the members of
the Company.
(2) The Board must consult with each racing club
and racing industry association in respect of the
Board's corporate plan.
(3) The corporate plan is to be prepared in the
context of the shareholders' statement of
expectations.
14. Directors of Company
(1) The Company is to have a board of directors
who must have the experience and expertise
necessary to enable the Company to achieve its
objectives.
(2) In forming or participating in the formation of a
company referred to in section 5, the Minister is
to ensure that the initial directors of the Board
11
Racing (Tasracing Pty Ltd) Act 2009
Act No. of
s. 14 Part 2 Tasracing Pty Ltd
comprise, until midnight on 31 December 2009,
the members of the TRB who were appointed
pursuant to section 17 of the Racing Regulation
Act 2004.
12
Racing (Tasracing Pty Ltd) Act 2009
Act No. of
Part 3 Financial Provisions s. 15
PART 3 FINANCIAL PROVISIONS
15. Accounts and report of Company
(1) The Board is to provide the Minister with copies
of the following:
(a) the constitution of the Company, the
constitution of any subsidiaries of the
Company and any amendments to those
constitutions;
(b) any financial statement, directors' report
or auditor's report and the annual return
for the Company as required by the
Corporations Act.
(2) The Minister must cause the copies referred to in
subsection (1) to be laid before each House of
Parliament within 7 sitting-days after receiving
them.
16. Loan from Treasurer
(1) The Treasurer may lend to the Company, out of
money provided by Parliament for the purpose,
any money the Treasurer considers appropriate.
(2) A loan is subject to any conditions the Treasurer
determines.
(3) An amount lent under subsection (1), together
with any interest or other charge payable in
13
Racing (Tasracing Pty Ltd) Act 2009
Act No. of
s. 17 Part 3 Financial Provisions
respect of that amount, is a debt repayable by the
Company to the Crown.
17. Guarantee or indemnity
(1) On the written request of the Company, the
Treasurer, in writing, may give a guarantee or an
indemnity to the Company relating to any of the
following:
(a) the repayment of any money lent or
agreed to be lent to the Company;
(b) the performance of an obligation
undertaken by the Company, or which
the Company has agreed to undertake,
whether that obligation is monetary or
otherwise.
(2) A guarantee or an indemnity
(a) may include a guarantee of, or an
indemnity relating to, any interest and
other charges payable in respect of
money lent or agreed to be lent or in
respect of or arising from an obligation
undertaken or agreed to be undertaken;
and
(b) is subject to any conditions that the
Treasurer determines and specifies in the
guarantee or indemnity.
(3) The Treasurer must make any required payment
out of money provided by Parliament for the
purpose.
14
Racing (Tasracing Pty Ltd) Act 2009
Act No. of
Part 3 Financial Provisions s. 18
(4) This section has effect regardless of where the
loan or obligation was undertaken or agreed to
be undertaken or where it is required to be repaid
or performed.
18. Guarantee fees
Division 1 of Part 11 of the Government
Business Enterprises Act 1995 applies in respect
of the Company and a subsidiary as if
(a) the Company were a Government
Business Enterprise specified in
Schedule 3 to that Act; and
(b) the subsidiary were a subsidiary within
the meaning of that Act.
19. Tax equivalents
Part 10 of the Government Business Enterprises
Act 1995 applies in respect of the Company and
a subsidiary of the Company as if
(a) the Company were a Government
Business Enterprise specified in
Schedule 2 to that Act; and
(b) the subsidiary were a subsidiary within
the meaning of that Act.
15
Racing (Tasracing Pty Ltd) Act 2009
Act No. of
s. 20 Part 3 Financial Provisions
20. Audit
The Auditor-General is to act as the auditor for
the Company until the members of the Company
appoint another person as auditor for the
Company.
21. Treasurer's Instructions
Any Treasurer's Instructions issued under the
Government Business Enterprises Act 1995
providing for guidelines relating to the
determination, calculation and payment of
income tax equivalents and guarantee fees and
other related matters, including superannuation,
apply to the Company or a subsidiary of the
Company as if it were a Government Business
Enterprise under that Act.
22. Effect of Financial Agreement Act 1994
If, under section 5(1) of the Financial Agreement
Act 1994, the Treasurer requires the Company to
do or refrain from doing anything for the
purpose of implementing the Agreement, within
the meaning of that Act, the Company must
comply with that requirement.
23. Superannuation information
The Company must, when so required by the
Minister administering the Retirement Benefits
16
Racing (Tasracing Pty Ltd) Act 2009
Act No. of
Part 3 Financial Provisions s. 24
Act 1993 or the Retirement Benefits Fund Board,
provide any information that may be required for
an actuarial review of any of its liabilities under
that Act.
24. Superannuation
(1) The Company may make contributions to one or
more superannuation schemes that comply with
the law of the Commonwealth relating to
superannuation and may participate in a
superannuation scheme provided by the
Retirement Benefits Act 1993 or the Public
Sector Superannuation Reform Act 1999 and, if
it does so participate in either of those schemes,
it is taken to be a prescribed authority for the
purposes of those Acts in respect of any of its
employees who are subject to the scheme.
(2) A contribution made to a complying
superannuation scheme in accordance with
subsection (1) in respect of any of its employees,
including employees transferred under section 6
of the Racing (Tasracing Pty Ltd) (Transitional
and Consequential Provisions) Act 2009, is not
to be in excess of the rate specified in section
6(7) of the Public Sector Superannuation Reform
Act 1999.
(3) The Company must not establish a
superannuation scheme.
(4) If the Company participates in a superannuation
scheme provided by the Retirement Benefits Act
1993 or the Public Sector Superannuation
17
Racing (Tasracing Pty Ltd) Act 2009
Act No. of
s. 24 Part 3 Financial Provisions
Reform Act 1999, the Company must comply
with any instruction relating to superannuation
given to it by the Minister administering those
Acts.
(5) The Company may not amend the rules of a
scheme maintained by the TRB otherwise than
with the written approval of the Treasurer.
18
Racing (Tasracing Pty Ltd) Act 2009
Act No. of
Part 4 Miscellaneous and Supplemental s. 25
PART 4 MISCELLANEOUS AND SUPPLEMENTAL
25. Directors of Company
(1) On and from 1 January 2010, the members of the
Company must ensure that the membership of
the Board comprises 7 directors, appointed for a
period not exceeding 3 years by the members of
the Company of whom
(a) one is appointed to be the chairperson;
and
(b) one is appointed from the names of
candidates submitted to the panel under
subsection (4)(a); and
(c) one is appointed from the names of
candidates submitted to the panel under
subsection (5)(a); and
(d) one is appointed from the names of
candidates submitted to the panel under
subsection (6)(a); and
(e) three are appointed from the names of
candidates submitted to the panel under
subsection (4)(b), subsection (5)(b) and
subsection (6)(b) and from the
respondents to the advertisement referred
to in subsection (9) who have the
experience and expertise necessary to
enable the Company to achieve its
objectives.
19
Racing (Tasracing Pty Ltd) Act 2009
Act No. of
s. 25 Part 4 Miscellaneous and Supplemental
(2) Before any person is appointed as a director of
the Company under paragraph (b), (c), (d) or (e)
of subsection (1), the members of the Company
are to appoint a person or body (the "panel") to
recommend the names of persons it considers
suitable for appointment as a director of the
Company under each of those paragraphs.
(3) The panel as appointed in relation to the
appointment of a person as a director of the
Company
(a) referred to in subsection (1)(b), is to
include a person with experience and
expertise in thoroughbred racing; and
(b) referred to in subsection (1)(c), is to
include a person with experience and
expertise in harness racing; and
(c) referred to in subsection (1)(d), is to
include a person with experience and
expertise in greyhound racing.
(4) Persons are eligible to
(a) submit to the panel the names of
candidates, not exceeding 3, with
experience and expertise relating to the
thoroughbred code of racing who the
persons consider suitable for
appointment as a director of the
Company; or
(b) submit to the panel the names of
candidates, not exceeding 3, with the
experience and expertise necessary to
20
Racing (Tasracing Pty Ltd) Act 2009
Act No. of
Part 4 Miscellaneous and Supplemental s. 25
enable the Company to achieve its
objectives and who the persons consider
suitable for appointment as a director of
the Company
if the persons are
(c) members of a thoroughbred racing club;
or
(d) members of a thoroughbred racing
industry association; or
(e) licensed under the Rules of Racing for
the thoroughbred code of racing; or
(f) owners or breeders of thoroughbred
horses.
(5) Persons are eligible to
(a) submit to the panel the names of
candidates, not exceeding 3, with
experience and expertise relating to the
harness code of racing who the persons
consider suitable for appointment as a
director of the Company; or
(b) submit to the panel the names of
candidates, not exceeding 3, with the
experience and expertise necessary to
enable the Company to achieve its
objectives and who the persons consider
suitable for appointment as a director of
the Company
if the persons are
21
Racing (Tasracing Pty Ltd) Act 2009
Act No. of
s. 25 Part 4 Miscellaneous and Supplemental
(c) members of a harness racing club; or
(d) members of a harness racing industry
association; or
(e) licensed under the Rules of Racing for
the harness code of racing; or
(f) owners or breeders of standardbred
horses.
(6) Persons are eligible to
(a) submit to the panel the names of
candidates, not exceeding 3, with
experience and expertise relating to the
greyhound code of racing who the
persons consider suitable for
appointment as a director of the
Company; or
(b) submit to the panel the names of
candidates, not exceeding 3, with the
experience and expertise necessary to
enable the Company to achieve its
objectives and who the persons consider
suitable for appointment as a director of
the Company
if the persons are
(c) members of a greyhound racing club; or
(d) members of a greyhound racing industry
association; or
(e) registered under the Rules of Racing for
the greyhound code of racing; or
22
Racing (Tasracing Pty Ltd) Act 2009
Act No. of
Part 4 Miscellaneous and Supplemental s. 25
(f) owners or breeders of greyhounds.
(7) If a person submits a name to the panel under
subsection (4), (5) or (6), the person is to advise
the panel whether the name is submitted under
paragraph (a) or (b) of those subsections.
(8) The panel is to recommend, in writing, to the
members of the Company
(a) from the names of candidates submitted
to it under subsection (4)(a), a person
who it considers suitable for appointment
as a director of the Company; and
(b) from the names of candidates submitted
to it under subsection (5)(a), a person
who it considers suitable for appointment
as a director of the Company; and
(c) from the names of candidates submitted
to it under subsection (6)(a), a person
who it considers suitable for appointment
as a director of the Company.
(9) The panel is to place in the 3 daily newspapers
published and circulating in the State, and in any
other newspaper it considers desirable, an
advertisement calling for expressions of interest
from potential candidates for appointment as a
director of the Company to provide the
experience and expertise necessary to enable the
Company to achieve its objectives.
(10) The panel is to recommend, in writing, to the
members of the Company, from the names of
candidates submitted to it under
23
Racing (Tasracing Pty Ltd) Act 2009
Act No. of
s. 26 Part 4 Miscellaneous and Supplemental
subsection (4)(b), subsection (5)(b) and
subsection (6)(b) and from the respondents to the
advertisement referred to in subsection (9), 3
persons who it considers suitable for
appointment as directors of the Company.
26. Vacancies in offices of directors of Company
(1) If a vacancy arises in the office of a director of
the Company less than 6 months before the
expiration of the term for which the director was
appointed, the members of the Company may
appoint a person to the vacant office for the
remainder of the director's term of office.
(2) If a vacancy arises in the office of a director of
the Company 6 months or more before the
expiration of the term of office of the director
and the director is
(a) a director referred to in section 25(1)(a),
the members of the Company are to
appoint a person who the members of the
Company consider suitable to fill the
vacancy; or
(b) a director referred to in section 25(1)(b),
the eligible persons referred to in
section 25(4) are to submit to the panel
the names of candidates, not exceeding 3,
with experience and expertise relating to
the thoroughbred code of racing who the
eligible persons consider suitable to fill
the vacancy; or
24
Racing (Tasracing Pty Ltd) Act 2009
Act No. of
Part 4 Miscellaneous and Supplemental s. 26
(c) a director referred to in section 25(1)(c),
the eligible persons referred to in
section 25(5) are to submit to the panel
the names of candidates, not exceeding 3,
with experience and expertise relating to
the harness code of racing who the
eligible persons consider suitable to fill
the vacancy; or
(d) a director referred to in section 25(1)(d),
the eligible persons referred to in
section 25(6) are to submit to the panel
the names of candidates, not exceeding 3,
with experience and expertise relating to
the greyhound code of racing who the
eligible persons consider suitable to fill
the vacancy; or
(e) a director referred to in section 25(1)(e),
the eligible persons referred to in
section 25(4), (5) and (6), respectively,
are to submit to the panel the names of
candidates, not exceeding 3, who have
the experience and expertise necessary to
enable the Company to achieve its
objectives and who the eligible persons
consider suitable to fill the vacancy.
(3) In relation to a vacancy under subsection (2)(e)
in the office of a director of the Company, the
panel is to place in the 3 daily newspapers
published and circulating in the State and in any
other newspapers it considers desirable, an
advertisement calling for expressions of interest
from potential candidates to fill the vacancy.
25
Racing (Tasracing Pty Ltd) Act 2009
Act No. of
s. 27 Part 4 Miscellaneous and Supplemental
(4) The panel is to recommend, in writing, to the
members of the Company
(a) from the names of candidates submitted
to it under subsection (2)(b), a person
who it considers suitable to fill the
vacancy; or
(b) from the names of candidates submitted
to it under subsection (2)(c), a person
who it considers suitable to fill the
vacancy; or
(c) from the names of candidates submitted
to it under subsection (2)(d), a person
who it considers suitable to fill the
vacancy; or
(d) from the names of candidates submitted
to it under subsection (2)(e) and from the
respondents to an advertisement referred
to in subsection (3), a person who it
considers suitable to fill the vacancy.
(5) On receipt of a recommendation referred to in
subsection (4), the members are to appoint the
person to fill the vacancy.
27. Grants and loans
(1) The Company, out of money provided by
Parliament for the purpose, may
(a) make grants or loans at such interest and
on such terms and conditions as it may
determine, for or in relation to the
26
Racing (Tasracing Pty Ltd) Act 2009
Act No. of
Part 4 Miscellaneous and Supplemental s. 27
administration, maintenance or
improvement of horse racing or
greyhound racing in Tasmania, and may
take mortgages or such other securities as
it considers adequate to secure such a
loan; and
(b) undertake and contract for capital
improvement to, or maintenance of, a
racecourse; and
(c) purchase, lease, maintain, develop and
otherwise deal with properties and
facilities for the conduct of race
meetings, or for the training of horses
and greyhounds, and charge fees for the
use of those properties or facilities.
(2) A grant or loan under subsection (1)(a) or an
undertaking under subsection (1)(b) may be
made unconditionally or subject to such
conditions as the Company may impose and,
without limiting the generality of this subsection,
the terms and conditions, in the case of a grant or
loan to a racing club, may relate to the
administration of the racing club, capital
improvements to and maintenance of
racecourses, the payment of stake money and the
provision of facilities for the training of horses
and greyhounds.
(3) The Company may not, without the prior
approval of the Treasurer
(a) form, or participate in the formation of, a
company; or
27
Racing (Tasracing Pty Ltd) Act 2009
Act No. of
s. 28 Part 4 Miscellaneous and Supplemental
(b) participate in a trust; or
(c) borrow, or otherwise obtain financial
accommodation, for the purpose of
performing its functions; or
(d) participate in any or all of the following
arrangements for the purpose of the
sharing of profits:
(i) a joint venture;
(ii) a partnership;
(iii) any other arrangement.
28. Limitations on members of Company
(1) A member of the Company must not sell or
otherwise dispose of the shares held by that
member.
(2) A member of the Company must not vote at a
meeting of the shareholders of the Company to
allow the Company to
(a) offer shares in the Company for
subscription; or
(b) invite persons to subscribe for shares in
the Company; or
(c) allot or issue shares in the Company on a
basis other than to existing shareholders
pro rata to their existing shareholding.
28
Racing (Tasracing Pty Ltd) Act 2009
Act No. of
Part 4 Miscellaneous and Supplemental s. 29
(3) A member of the Company may not sell or
otherwise dispose of the whole or a substantial
part of the Company's undertaking or assets
unless the sale or disposal is approved by each
House of Parliament.
(4) For the purposes of subsection (3), a sale or
disposal is approved by a House of Parliament
(a) when the House passes a motion
approving the sale or disposal; or
(b) at the end of 5 sitting-days after notice of
the sale or disposal was laid before the
House, if no notice of a motion to
disapprove the sale or disposal is before
the House; or
(c) if notice of any such motion to
disapprove is before the House at the end
of that period, when the first of the
following occurs:
(i) the notice is withdrawn;
(ii) the motion is negatived;
(iii) a further period of 5 sitting-days
ends.
29. Land Acquisition Act 1993 does not apply
The Company is not a public authority for the
purposes of the Land Acquisition Act 1993.
29
Racing (Tasracing Pty Ltd) Act 2009
Act No. of
s. 30 Part 4 Miscellaneous and Supplemental
30. Arrangements with Minister
(1) The Minister may enter into an agreement with
the Company consistent with its principal
objectives under which it agrees to perform, or
to cease to perform, functions under any Act.
(2) The terms of the agreement may provide for
reimbursement to the Company out of money
provided by Parliament for the purpose.
31. Administration of Act
Until provision is made in relation to this Act by
order under section 4 of the Administrative
Arrangements Act 1990
(a) the administration of this Act is assigned
to the Minister for Racing; and
(b) the department responsible to that
Minister in relation to the administration
of this Act is the Department of
Infrastructure, Energy and Resources.
30
Racing (Tasracing Pty Ltd) Act 2009
Act No. of
Part 5 Amendments to Racing Regulation Act 2004 s. 32
PART 5 AMENDMENTS TO RACING REGULATION
ACT 2004
32. Principal Act
In this Part, the Racing Regulation Act 2004* is
referred to as the Principal Act.
33. Section 29 amended (How and when should persons
appeal?)
Section 29 of the Principal Act is amended as
follows:
(a) by omitting paragraph (b) from
subsection (2) and substituting the
following paragraph:
(b) must specify the parties to the
appeal, the relevant decision and
the grounds of appeal.
(b) by omitting from subsection (3)(b)
"section 28(1)(c)" and substituting
"section 28(1)(a)".
*No. 62 of 2004
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Racing (Tasracing Pty Ltd) Act 2009
Act No. of
sch. 1
SCHEDULE 1 PROVISIONS TO BE INCLUDED IN
CONSTITUTION
Section 11
1. Interpretation
Words, phrases and expressions used in this
constitution have the same meaning as in
(a) the Corporations Act; and
(b) except where inconsistent with that Act,
the Racing (Tasracing Pty Ltd) Act 2009.
2. Powers and duties of board of directors
Subject to the Corporations Act, the Racing
Regulation Act 2004, the Racing (Tasracing Pty
Ltd) Act 2009 and this constitution
(a) the business of the Company must be
managed by the board of directors; and
(b) the board of directors may exercise all
powers of the Company as are not, by the
Corporations Act or by this constitution,
required to be exercised by the members.
3. Approval for borrowings
Except where approved by special resolution, the
Company must not borrow from any person
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Racing (Tasracing Pty Ltd) Act 2009
Act No. of
sch. 1
other than the Tasmanian Public Finance
Corporation.
4. Approval for matters relating to ownership of
subsidiaries
Except where approved by special resolution, the
Company must not
(a) form or acquire, or participate in the
formation or acquisition of, a subsidiary;
or
(b) dispose of shares in a subsidiary; or
(c) enter into any transaction which may
result in a subsidiary ceasing to be a
subsidiary.
5. Approval for sale or other disposition of
undertaking or assets
(1) The Company must not sell or otherwise dispose
of the whole or a substantial part of its
undertaking or assets unless the sale or disposal
is approved by each House of Parliament.
(2) A sale or disposal is approved by a House of
Parliament
(a) when the House passes a motion
approving the sale or disposal; or
(b) at the end of 5 sitting-days after notice of
the sale or disposal was laid before the
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Racing (Tasracing Pty Ltd) Act 2009
Act No. of
sch. 1
House, if no notice of a motion to
disapprove the sale or disposal is before
the House; or
(c) if notice of any such motion to
disapprove is before the House at the end
of that period, when the first of the
following occurs:
(i) the notice is withdrawn;
(ii) the motion is negatived;
(iii) a further period of 5 sitting-days
ends.
6. Approval for constitution of subsidiary in relation
to borrowings
Except where approved by special resolution, the
Company must not
(a) approve the constitution of a subsidiary
unless the constitution contains a
provision that is substantially the same as
clause 3 of Schedule 1 to the Racing
(Tasracing Pty Ltd) Act 2009; or
(b) approve or effect an amendment to that
provision.
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Racing (Tasracing Pty Ltd) Act 2009
Act No. of
sch. 1
7. Member request for information
On the written request of a member, the
Company must provide to both the member and
the Minister
(a) the business and strategic plans of the
Company and any subsidiary as specified
in the request; and
(b) any financial information specified in the
request; and
(c) a report on any matters specified in the
request; and
(d) any other information relevant to any
such plan, financial information or
report.
Government Printer, Tasmania 35