Document ID: chunk:federal_register_of_legislation:F2021C01047:body:0:p7
Version: federal_register_of_legislation:F2021C01047
Segment Type: other
Provision Reference: 
Character Range: 15359–18009

the horse has been released or will be released and that the promoter will, before or on registration of the syndicate with the lead regulator, confirm to the lead regulator that the personal property security interest has been released; or
(ii) if the participants in the syndicate lease the whole of the horse under a finance lease agreement in a standard form:
(A) a copy of the standard form of finance lease agreement; and
(B) a statutory declaration made by the promoter that the promoter will, before or on registration of the syndicate with the lead regulator, ensure that participants in the horse racing syndicate lease the horse under a finance lease agreement in that standard form;
(m) a notice that a participant may elect to have a horse tested for a prohibited substance under the Australian Rules of Racing, with the cost of testing to be borne by all participants (whether or not they elected to have the horse tested).

The role of the manager
(4) For the purposes of paragraph (2)(g), the terms of the syndicate agreement are:
(a) the manager of the horse racing syndicate must manage the syndicate in accordance with the terms of the syndicate agreement throughout its duration unless that person:
(i) retires after being given written consent by the majority of the participants of the syndicate not associated with the retiring manager;
(ii) is removed in accordance with the terms of the agreement; or
(iii) otherwise retires or is removed after being given written consent by the lead regulator; and
(b) if the manager of the syndicate retires or is removed in accordance with paragraph (a), a new manager will be appointed and that manager will become subject to the terms of the syndicate agreement.

Conditions of the exemption
(5) A manager that relies on the exemption in subsection (1) in relation to a horse racing syndicate must:
(a) keep accounting records that correctly record and explain the transactions and financial position of the syndicate and that would enable financial statements to be prepared in respect of the syndicate from time to time; and
(b) in respect of each financial year, prepare financial statements in respect of the syndicate; and
(c) lodge the financial statements in respect of the horse racing syndicate with the lead regulator within 90 days after the end of each financial year; and
(d) if ASIC asks the manager in writing for a copy of the financial statements in respect of the syndicate, give the copy of those statements to ASIC within 14 days; and
(e) keep a separate account with an Australian bank in respect of the syndicate and use that account for the deposit and payment of