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AUSTRALIAN JOCKEY AND SYDNEY TURF CLUBS MERGER ACT 2010 - SECT 15
Transferable rights and liabilities become those of merged racing club
(1) The transferable rights become, by virtue of this section, the rights of
the merged racing club on the merger finalisation day and may be exercised
without regard to any fetters on the exercise of those rights that were
enforceable by any member of the AJC or STC immediately before the
merger finalisation day by reason of being a member.
(2) The
transferable liabilities become, by virtue of this section, the liabilities of
the merged racing club on the merger finalisation day.
(3) Without limiting
subsection (2), any indemnity granted (or taken to have been granted) by or on
behalf of the AJC or STC to an officer of the AJC or STC before the
merger finalisation day with respect to conduct in his or her capacity as such
is enforceable against the merged racing club on and from the
merger finalisation day as if the merged racing club had granted the
indemnity.
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