Document ID: chunk:federal_register_of_legislation:F2021C01047:body:0:p3
Version: federal_register_of_legislation:F2021C01047
Segment Type: other
Provision Reference: 
Character Range: 5056–7847

relation to a horse racing syndicate if the terms of the agreement have been approved for use in relation to the syndicate by the lead regulator with whom the promoter of the syndicate is registered.
stallion, in relation to a stallion scheme agreement, means the stallion identified in the stallion scheme agreement.
stallion scheme agreement, in relation to a private stallion scheme, means a written agreement which includes provisions to the effect of all of the following:
(a) requiring that the scheme relates to one stallion and no other horse or investment;
(b) requiring that the stallion stand at stud only in this jurisdiction for the first three full stud seasons from the date the stallion is acquired for the scheme;
(c) providing that participants will, as tenants in common, own the whole of the legal and equitable title to the stallion free of encumbrances;
(d) prohibiting the financing of the purchase of the stallion other than from the proceeds of the issue of interests;
(e) providing that offerees receive a full refund of application money on written request received by the person responsible for accepting payment of the money within 3 days after payment of the money;

       and that contains all of the following:

(f) details of reporting requirements to participants in the financial statements and the stallion return and associated documents required to be lodged with the Australian Stud Book for each applicable reporting period;
(g) a statement of risks associated with the scheme and the speculative nature of investment in horse breeding schemes;
(h) details of fees and expenses payable to the manager, the basis of their calculation and disclosure in the financial statements;
(i) details of insurance of, and the veterinary examinations schedule of, the stallion;
(j) details of the obligations of the stud in relation to the stallion;
(k) a statement that this instrument is being relied on by the operator of the scheme.
syndicate agreement, in relation to a horse racing syndicate, means an agreement governing the horse racing syndicate that is approved by the lead regulator and that is legally enforceable as between the manager of the horse racing syndicate and the participants in the horse racing syndicate.
(2) For the purpose of paragraph (b) of the definition of lead regulator, the requirements are that the memorandum of understanding between ASIC and the lead regulator contains provisions to the effect that the lead regulator will:
(a) maintain a register of all promoters of horse racing syndicates registered by the lead regulator for the purposes of this instrument; and
(b) remove from the register any promoter who does not comply with the lead regulator's rules relating to the operation of horse racing syndicates including