30 SEPTEMBER 2009 NEW ZEALAND GAZETTE, No. 144 3393

(ii) the persons with legal or beneficial ownership (direct or indirect) of the shares or other similar ownership rights or interests in the Legal Ownership Entity; and

(iii) the members of the board of directors or other governing body of the Legal Ownership Entity,

as NZTR may require from time to time in its absolute discretion.

429 It shall be the responsibility of every Racing Manager of a horse to take all reasonable steps to ensure that no person who:

(a) nominated him as Racing Manager; or

(b) is a shareholder or has a legal or beneficial interest in, or is a member of the board of directors or other governing body of, any Legal Ownership Entity which nominated him as Racing Manager,

is a person to whom any of sub-Rules 411(b)(i) to (vi) applies and that all such persons comply with all of the Rules applicable to them.

ONGOING INFORMATION OBLIGATIONS

430 Notwithstanding any other Rule in this Part IV, an Owner, lessee or Racing Manager of a horse must provide to NZTR such information in respect of:

(a) that horse;

(b) the Owners or lessees (as the case may be) of, or any other person with a legal or beneficial interest in, that horse; and

(c) if an Owner or lessee of a horse is a Legal Ownership Entity, the Legal Ownership Entity and:

(i) any persons with legal or beneficial ownership (direct or indirect) of the shares of or other similar ownership rights or interest in that Legal Ownership Entity; and

(ii) the members of the board of directors or other governing body of the Legal Ownership Entity,

as NZTR may require from time to time in its absolute discretion.

COMPLIANCE WITH SECURITIES ACT

431 It shall be the responsibility of any Legal Ownership Entity or combination of persons who together own or lease a horse to comply with all applicable requirements of the Securities Act 1978.

SYNDICATIONS

432 (1) NZTR may, if it thinks fit:

(a) maintain and administer a system for the syndication of thoroughbred bloodstock in New Zealand;

(b) include in a Code of Practice that system and all other provisions which it considers necessary or desirable for or in relation to the establishment and maintenance of an effective such system;

(c) incorporate in such Code of Practice all the requirements which are to be met by any person, company or other entity which seeks to or does in any way syndicate thoroughbred bloodstock in New Zealand;

(d) seek the Securities Commission’s approval of the provisions of such Code of Practice;

(e) amend from time to time, or revoke, such Code of Practice; and

(f) cause such Code of Practice to be set forth as an Appendix to these Rules.

(2) Every Code of Practice which is set forth as an Appendix to these Rules shall have full force and effect as part thereof.

(3) Any person who or company or other entity which fails to comply with a provision of any such Code of Practice commits a breach of this Rule and shall be liable to be disqualified or suspended by the Judicial Committee for such period (including for life) as it thinks fit and shall, in addition to or in lieu of being disqualified or suspended, be liable to be fined a sum not exceeding $50,000. Such penalties are in addition to any