Thoroughbred Application to
Register an Ordinary Syndicate
(other than a company rm or stud)
2 Nov 2020 Page 23
QRIC Deputy Registrar completed by Racing Australia Limited
Level 1, 400 Epsom Road, Flemington VIC 3031
Standard syndicate terms and conditions
The Principal Racing Authority accepts no responsibility for any problems that may arise out of the way Syndicates are managed or operated. Accordingly if
any Syndicate Member feels aggrieved by the management or conduct of a particular Syndicate he or she must be prepared to resolve the matter privately
or take such legal steps as his or her private legal advisors may advise. In this regard the attention of Syndicate Members is drawn to the following Rule of
Racing: 69M.The Principal Racing Authority shall not have any responsibility for the due observance by the persons concerned of any Syndicate agreement
or any other instrument relating to a Syndicate or for the performance of any legal or equitable obligations of any members of a Syndicate.
1. Definitions:
a. “The Syndicate” means the Syndicate as defined by the Australian Rules of Racing and all the members thereof (hereafter referred to as “Members”).
b. “The Principal Racing Authority” means any Principal Racing Authority or delegated authority as defined by the Australian Rules of Racing.
c. “The Syndicate’s Horse(s)” means the horse(s) registered as or to be registered by the Syndicate.
d. “The Manager” means the person required under the Rules of Racing to act for and represent the Syndicate in all respects.
e. “Monthly Fees” means the Calendar Monthly expenses payable in respect of the Syndicate shares held and payable on account of and including
breaking in, stabling, training, racing, floating and other transportation, spelling, agistment, insurance, veterinary services, Jockeys fees (other than
Prize money percentages), gear, colours, bulletins and other communications, calling of Meetings, stamp duties, postage, management, printing of
accounts, and all other costs associated with the Syndicate.
f. “Ordinary Resolution” means —
i. A resolution passed by Members holding a majority of shares at a duly convened meeting – or
ii. A resolution contained in a letter presented to the Principal Racing Authority signed by Members holding a majority of shares.
g. “Shares” means the shares in the Syndicate.
h. “Special Resolution” means —
i. A resolution passed by Members holding in aggregate at least seventy five per cent (75%) of Shares at a duly convened meeting – or
ii. A resolution contained in a letter presented to the Principal Racing Authority signed by Members holding in aggregate at least seventy five per
cent (75%) of the Shares.
iii. “Duly Serving” means either delivering personally to the person concerned or sending it by prepaid post to the person to be served at the
address shown in the Register maintained by the Manager.
2.
a. The application to register the Syndicate shall be submitted by the Manager for approval and due registration by the Principal Racing Authority and
thereafter the Manager shall forward to the Members a copy of this Agreement.
b. No Disqualified Person (within the meaning of that term as provided in the Rules of Racing) shall be eligible to become or to continue as a Member of
the Syndicate.
3.
a. The Monthly Fees for each Share shall become due and payable to the Manager by each of the Members on the first day of EACH and every MONTH
during the currency of the Syndicate. For the purposes of this Agreement a bank account shall be established and operated by the Manager in the
Syndicate’s name, together with such other signatories as are from time to time decided by Ordinary Resolution.
b. From the Monthly Fees the Manager shall pay all of the Syndicate expenses including payment to the Manager for his/her services to the Syndicate of
an amount agreed upon by the syndicate members each calendar month.
c. The Monthly Fees may be varied by the Manager by Duly Serving notice in writing on the Members specifying the reason for and the nature of the
variations.
4.
a. The Manager for the time being shall be the member first nominated on the Syndicate Application form.
b. Subject to Clause 4(c) and any Ordinary or Special Resolutions which are not inconsistent with this Agreement and the Rules of Racing, the Manager
has complete power to manage the Syndicate’s Horse(s) on behalf of the Syndicate.
c. The Syndicate shall from time to time by Ordinary Resolution determine if and when the Syndicate’s Horse(s) (or any progeny) shall commence their
racing career, retire for breeding or stud duties, be gelded, or sold or change trainer.
d. Without limiting the generality of Clause 4(b) the Manager’s duties include —
1. The keeping of a Register noting:
i. The names and addresses of the Members and the number of shares held by each, and
ii. Dates of entries in the Register.