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AUSTRALIAN JOCKEY AND SYDNEY TURF CLUBS MERGER ACT 2010 - SECT 13
Vesting of assets in merged racing club
(1) The transferable assets vest in, and become the assets of, the
merged racing club by virtue of this section on the merger finalisation day:
(a) without the need for any further conveyance, transfer, assignment or
assurance, and
(b) free of any estate or interest that any member of the AJC
or STC may have had in the assets immediately before the
merger finalisation day by reason of being a member.
(2) Without limiting
subsection (1), any lease of Randwick Racecourse granted to the AJC under the
Australian Jockey Club Act 2008 that is in force immediately before the
merger finalisation day vests in the merged racing club as lessee on that day
for the remainder of the period of the lease (and subject to the same
conditions and restrictions that applied in relation to the lease immediately
before that day) and without the need for the consent of the
Randwick Racecourse trustees (within the meaning of this Act as originally
enacted).
(3) No attornment to the merged racing club by a lessee or
sublessee from the AJC or STC is required.
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