Co Owners Agreement Racing AustraliaApril 8, 2021 10:49 pm
Other day-to-day control decisions concern the legal relationship between co-owners. Decisions on who can co-own, how, when and why money is paid, and how co-owners are formally linked are examples of day-to-day control decisions that deal with the co-owner`s legal relationships. The reforms are implemented according to the TOR rules, which are part of the rules of the race. Coaches and owners are bound by the rules of the race and are therefore subject to compliance with the TOR rules. (i) each co-owner must pay his or her share as a percentage of the company`s costs or expenses in accordance with his property on the horse; And if a horse is registered with Racing Australia, a “Managing Owner” is named on the corresponding Racing Australia registration form. The COA identifies decisions that can be made by the owner-manager regarding the Horse Ownership Venture, without consulting other owners (recognizing that certain decisions may be made at the discretion of the owner-manager), and decisions that require consultation and input from other owners. (a) The COA applies to all co-owners, with the exception of co-owners, who hold a stake in a horse as a result of the acquisition of shares by developer associations operating under the Australian Financial Services Licences (AFSL) issued by ASIC; The reforms will introduce a new Standard Training Agreement (STA) that will apply to all trainers and owners; Only owners who train a horse themselves or who employ an instructor exclusively for them under a written agreement are excluded. It is hoped that the six-month limitation period will encourage coaches and owners to take immediate action to resolve any training fees and/or payment disputes between them. The co-ownership agreement (COA) must clearly provide for the rights and obligations of co-owners (defined as persons owning a horse with at least one other person) to help regulate their “Horse Ownership Ventures”.
The Horse Ownership Venture may include co-owners who drive a horse together, sell any interest or interest in a horse, or carry out horse-related breeding activities.