Document ID: chunk:federal_register_of_legislation:F2021C01047:body:0:p2
Version: federal_register_of_legislation:F2021C01047
Segment Type: other
Provision Reference: 
Character Range: 2634–5282

application.
offeree means a person who is offered an interest in a horse racing syndicate or a private horse breeding scheme.
participant means a person who holds a beneficial interest in a horse racing syndicate or private horse breeding scheme whether jointly or otherwise.
personal offer:
(a) in relation to a private broodmare scheme, means a personal offer within the meaning of subsection 1012E(5) of the Act; and
(b) in relation to a private stallion scheme, means a personal offer within the meaning of subsection 1012E(5) of the Act that is accompanied by a copy of the proposed stallion scheme agreement.
private broodmare scheme means a managed investment scheme to which all of the following apply:
           (a) the principal purpose of the scheme is to breed horses out of broodmares to which the scheme relates; and
           (b) each interest in the scheme is issued as the result of either:
(i) acceptance of a personal offer; or
(ii) an offer which does not need a Product Disclosure Statement (other than because of section 6); and
           (c) none of the offers of interests in the scheme results in the operator of the scheme, together with any associates of the operator, having issued or sold in a 12 month period more than 20 interests in managed investment schemes, the principal purpose of which is to breed horses.
private horse breeding scheme means a private broodmare scheme or a private stallion scheme.
private stallion scheme means a managed investment scheme to which all of the following apply:
(a) the principal purpose of the scheme is to acquire a stallion and provide stud services of the stallion;
(b) each interest in the scheme is only able to be acquired under a stallion scheme agreement and is issued as the result of either:
(i) acceptance of a personal offer; or
(ii) an offer which does not need a Product Disclosure Statement (other than because of  section 6);
(c) none of the offers of interests in the scheme results in the operator of the scheme, together with any associates of the operator, having issued or sold in a 12 month period more than 40 interests in managed investment schemes, the principal purpose of which is to breed horses;
(d) each promoter of the scheme holds either:
(i) an Australian financial services licence; or
(ii) at least 10% fully paid of all interests in the scheme.
standard form, a finance lease agreement is in a standard form in 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