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18 1994

IRISH HORSERACING INDUSTRY ACT, 1994

PART X

Transfer of Assets and Liabilities of Racing Board to Authority

Dissolution of Racing Board.

69. —On the establishment day the Racing Board shall stand dissolved.

Transfer of property and liabilities of Racing Board to Authority.

70. —(1) The following shall be transferred to the Authority on the establishment day—

(a) all property (including assets and racecourses) and rights held or enjoyed immediately before the establishment day by the Racing Board, and

(b) all liabilities incurred before the establishment day by the Racing Board that had not been discharged before the establishment day,

and, accordingly, without any further conveyance, transfer or assignment—

(i) the said property, real and personal, shall on the establishment day vest in the Authority for all the estate, term or interest for which, immediately before the establishment day, it was vested in the Racing Board but subject to all trusts and equities affecting the property and capable of being performed,

(ii) the said rights, shall, as on and from the establishment day, be enjoyed by the Authority, and

(iii) the said liabilities shall, as on and from the establishment day, be the liabilities of the Authority.

(2) All moneys, stocks, shares and securities transferred to the Authority by this section that, immediately before the establishment day, are standing in the name of the Racing Board shall, upon the request of the Authority, be transferred into its name.

(3) Every right and liability transferred by this section to the Authority may, on or after the establishment day, be sued on, recovered or enforced by or against the Authority in its own name and it shall not be necessary for the Authority to give notice to the person whose right or liability is transferred by this section of the transfer.

Preservation of certain continuing contracts and adaptation references to Authority in certain documents.

71. —(1) Every bond, guarantee or other security of a continuing nature made or given by or on behalf of the Racing Board to any person or given by any person to and accepted by or on behalf of the Racing Board and every contract or agreement in writing made between the Racing Board and any other person and in force but not fully executed and completed immediately before the establishment day shall continue in force on and after such establishment day and shall be construed and have effect as if the Authority were substituted for the Racing Board as a party thereto and the name of the Authority were substituted therein for that of the Racing Board and shall be enforceable by or against the Authority.

(2) References to the Racing Board contained immediately before the establishment day in the memorandum and articles of association of any company (within the meaning of the Companies Acts, 1963 to 1990), shall, on and after such establishment day, be construed as references to the Authority.

Pending legal proceedings.

72. —Where, immediately before the establishment day any legal proceedings are pending in any court or tribunal and the Racing Board is a party to the proceedings, the Authority shall be substituted for the Racing Board as a party thereto and the name of the Authority shall be substituted in the proceedings for that of the Racing Board and the proceedings shall not abate by reason of such substitution.

Final accounts of Racing Board.

73. —(1) As soon as may be after the establishment day the Authority shall cause to be prepared in such form as may be approved of by the Minister all proper and usual accounts of all moneys received or expended by the Racing Board in the accounting year, or the part of an accounting year, of the Racing Board ending immediately before the establishment day.

(2) Accounts prepared pursuant to this section shall be submitted as soon as may be by the Authority to an auditor for audit and, immediately after the audit, a copy of the profit and loss account and of the balance sheet and of such other (if any) of the accounts as the Minister may direct and a copy of the auditor's report on the accounts shall be presented to the Minister who shall cause copies thereof to be laid before each House of the Oireachtas.

Transfer of totalisator licences.

74. —On the establishment day any totalisator licence which was immediately before that day held by the Racing Board shall, by virtue of this section, be transferred to the Authority and shall, on and after the establishment day, have effect as if the name of the Authority were substituted therein for that of the Racing Board.

Transfer of staff.

75. —(1) Every person who is on the day immediately before the establishment day a member of the staff of the Racing Board or a subsidiary of it shall, or the establishment day, be transferred to and become a member of the staff of the Authority or a subsidiary of it, as the Authority may determine.

(2) Save in accordance with a collective agreement negotiated with any recognised trade union or staff association concerned, a person referred to in subsection (1) shall not, while in the service of the Authority, be brought to less beneficial conditions of service (including conditions in relation to tenure of office) or of remuneration than the conditions of service (including conditions in relation to tenure of office) or remuneration to which he was subject immediately before the establishment day.

(3) In this section “recognised trade union or staff association” means a trade union or staff association recognised by the Authority for the purposes of negotiations which are concerned with the remuneration or conditions of employment, or the working conditions of employees.

Exemption from stamp duties.

76. —Section 12 of the Finance Act, 1895, shall not apply to the vesting in the Authority of any property or right transferred by this Act.

Continuance of instruments and documents, etc.

77. —(1) All instruments (including regulations) made and documents issued under the Racing Board and Racecourses Acts, 1945 and 1975, in force immediately before the repeal of those Acts shall continue in force upon such repeal as if made or issued under this Act.

(2) References in any statute or instrument under statute or document referred to in subsection (1) to the Racing Board shall, on and after the establishment day, be construed as a reference to the Authority.