✨ Bloodstock Syndicate Disclosure Requirements
NEW ZEALAND GAZETTE, No. 4 — 20 JANUARY 2016
[insert a short commentary in relation to the Governing Document and highlight any unusual terms]
A Governing Document must address the following matters:
- The nature, object and term of the “entity” to be established.
- Powers given by the Participant/Shareholder to the Promoter/Manager or Directors, eg power to sign various NZTR forms and the extent of management authority with specific reference to acquisition and disposal of bloodstock and other assets.
- Procedure required for removing the Manager or Directors.
- Procedure in the case of a Participant/Shareholder in default.
- Basis upon which profits and losses will be allocated.
- All requirements of section 22 of the Code of Practice, ie the Board’s powers of removal, restriction on amendment, a disputes resolution process and the particular provision in the case of leased bloodstock if there is a ROP.
When preparing a Governing Document the following matters should be considered:
- How will prizes and trophies be shared?
- How will the horse(s) be named?
- What colours will the horse(s) race in?
- Will the horse(s) race overseas?
- Recognition of any agreed trainer’s % share if the horse is sold
- What happens when the horse(s) is retired?
- Can the participant sell their share, and if so what is the process?
(INSERT HEADER WITH THE NAME OF BLOODSTOCK SYNDICATE/COMPANY AND DATE OF DISCLOSURE STATEMENT)
The following two sections, ‘Promoter Declaration’ and ‘Applicant Acknowledgement of Receipt, Understanding and Agreement’, must be provided by the Promoter to New Zealand Thoroughbred Racing along with the relevant Ownership Registration forms.
13. Promoter Declaration
“[insert the name of the relevant Promoter/Bloodstock Company] is an Authorised Syndicator under a Code of Practice administered by New Zealand Thoroughbred Racing Inc. New Zealand Thoroughbred Racing Inc. does not endorse nor does it guarantee the success or otherwise of the offer made under this Disclosure Statement and accepts no responsibility whatsoever for any statements or representations made in this Disclosure Statement or for any loss or liability arising from participation in the offer.”
The Syndicate Promoter, and any Manager appointed by the Syndicate Promoter as stated above, agrees to observe and comply with this Disclosure Statement and any associated Governing Documents.
Promoter: ____ [Director if a Bloodstock company]
Signature: ____
Date:
Manager: ____
Signature: ____
Date:
This Disclosure Statement and all related documentation may be inspected at the premises of New Zealand Thoroughbred Racing (106–110 Jackson Street, Petone) or a copy may be requested by writing to PO Box 38386, Wellington Mail Centre, or by emailing syndication@nzracing.co.nz.
14. Applicant Acknowledgement of Receipt, Understanding and Agreement
I, the undersigned Applicant, agree to become a [Participant/Shareholder] of [insert syndicate/company name] and, subject to the acceptance of my application, I:
a. acknowledge receipt of the Disclosure Statement dated [insert date] [together with the
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NZ Gazette 2016, No 4
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Management Obligations and Reporting Requirements for Bloodstock Syndicates
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🏭 Trade, Customs & IndustryManagement, Bloodstock Syndicate, Bloodstock Company, Participants, Shareholders, Reporting, Auditing, Upfront Costs, Ongoing Costs, Insurance Information