3470 NEW ZEALAND GAZETTE, No. 144 30 SEPTEMBER 2009

9.2 The Board is entitled to reject any nomination or application if it is not satisfied that:

(a) The Valuer is of good standing and/or character; or that

(b) The Valuer is sufficiently experienced in equine practice; or that

(c) The Valuer is sufficiently competent in the field in respect of which he or she is certifying - ie, racing or breeding.

9.3 The Board is entitled to remove a Bloodstock Valuer from the Register if in its opinion:

(a) The Valuer is insufficiently competent in the field in which he/she is certifying under this Code of Practice.

(b) The Valuer has acted in an improper or unprofessional manner whether in respect of valuations under this Code of Practice or otherwise in his/her business or has breached any of the provisions of this Code of Practice.

(c) The Valuer has charged or is charging excessive fees.

10 VALUATIONS AND VETERINARY REPORTS TO BE ATTACHED TO A DISCLOSURE STATEMENT

10.1 Valuation reports for inclusion with a Disclosure Statement may only be obtained from Bloodstock Valuers who are, at the time of the report, entered in the Register of Bloodstock Valuers established under this Code of Practice and are independent both of each other and of the Syndicate Promoter.

10.2 Two valuation reports in the prescribed form prepared by valuers so entered must be included with a Disclosure Statement provided to an investor.

10.3 Veterinary reports for inclusion with a Disclosure Statement may only be obtained from Veterinary Surgeons who meet the following criteria:

(a) The veterinary surgeon must hold a current annual practising certificate issued by the Veterinary Surgeons Board of New Zealand.

(b) The veterinary surgeon must be experienced in equine practice.

(c) The veterinary surgeon must spend the majority of his or her professional time in equine practice.

(d) The veterinary surgeon must be competent in the field in respect of which he or she is certifying - ie., racing or breeding.

10.4 Where bloodstock is purchased from countries outside New Zealand the following criteria apply in respect of valuation and veterinary reports:

(a) In the case of bloodstock purchased in Australia a Syndicate Promoter must use either bloodstock valuers and veterinary surgeons who have been approved under the New South Wales or equivalent system of syndication or New Zealand bloodstock valuers and veterinary surgeons.

(b) In the case of bloodstock purchased from any other country a Syndicate Promoter must use reputable bloodstock valuers and veterinary surgeons who are recognised as such by the principal racing authority in that country or the state in which the bloodstock is located. The Board may suspend a particular syndication if it believes that either the bloodstock valuers or the veterinary surgeons used are not competent in the area in which they are certifying.

11 SUPERVISORY PANEL

11.1 A Supervisory Panel consisting of three persons will be appointed and established by the Board. At least one member of the Panel will be a lawyer who will act as Chairman.

11.2 The duties of the Supervisory Panel are as follows:

(a) To call periodic meetings of representatives of Thoroughbred Racing, Syndicate Promoters, Bloodstock Agents’ Federation NZ Inc. and other interested parties to review the operation of the Code of Practice and to consult with any other interested parties.

(b) To act on recommendations from such meetings and to request Thoroughbred Racing to take appropriate action where it deems it necessary.