Ludwig Posted July 1, 2021 Share Posted July 1, 2021 With only one more meeting left at Forbury after tonight, I am wondering what the timeline for the disposal of the property might be. I haven't seen anything definite in local media about what is going to happen to the site. I am curious about who is going to get their hands on the loot for the sale. Will it stay in local hands...or do we think the powers that be will put pressure on for it to be handed over to them? Quote Link to comment Share on other sites More sharing options...
Chief Stipe Posted July 2, 2021 Share Posted July 2, 2021 23 hours ago, Ludwig said: I am curious about who is going to get their hands on the loot for the sale. Will it stay in local hands...or do we think the powers that be will put pressure on for it to be handed over to them? What entity actually owns the property? If it is the racing club what does their constitution say? Quote Link to comment Share on other sites More sharing options...
Chief Stipe Posted July 2, 2021 Share Posted July 2, 2021 Just checked and the property is owned by The Forbury Park Trotting Club Incorporated. Therefore the sale is subject to the Constitution/Rules of the Club which I've attached. I would say the sale of the property would have to be decided by the members of the Club at an SGM or AGM. I'm not sure if Harness NZ did the same as NZTR which was to get some Clubs to change their constitution so that NZTR would be the benefactor of any property sale. BUT it appears the Constitution was amended recently to include the following clauses which means that if the Club is liquidated then the funds will be dealt with as per the new Racing Act 2020. 25. Liquidation 25.1 FPTC Inc may be wound up or put into liquidation by a resolulion of its Members in accordance with the procedures (including any notice requirements) specified in the Incorporated Societies Act I 908. 25.2 In the event of the Club being wound up or put into liquidation by a resolution of its Members in accordance with 25.1 the property and surplus assets of the Club, after payment of the Club's liabilities and the expense of winding up must be disposed of in accordance with the Racing Industry Act 2020. 25.3 For the avoidance of doubt, the Club must not distribute any properly or surplus assets to or among its members upon dissolution. 25.4 If the members of FPTC Inc decide to merge with another club, the properly and surplus assets of the club after payment of the Clubs liabilities and the expenses relating to effecting the merger of the clubs may, subject to the provisions of the Racing Industry Act 2020, be transferred to the club with which it proposes to combine. Forbury_Park_Trotting_Club_Incorporated_-_Rule_Alteration.pdf 1 Quote Link to comment Share on other sites More sharing options...
Davis Posted July 2, 2021 Share Posted July 2, 2021 23 hours ago, Ludwig said: With only one more meeting left at Forbury after tonight, I am wondering what the timeline for the disposal of the property might be. I haven't seen anything definite in local media about what is going to happen to the site. I am curious about who is going to get their hands on the loot for the sale. Will it stay in local hands...or do we think the powers that be will put pressure on for it to be handed over to them? More information here: https://www.odt.co.nz/star-news/star-national/forbury-site-could-fit-hundreds-homes Quote Link to comment Share on other sites More sharing options...
Robalan Posted July 2, 2021 Share Posted July 2, 2021 I think you will find that the control of Harness Racing Club assets was changed in the latest racing act passed by parliament 1 Quote Link to comment Share on other sites More sharing options...
Ludwig Posted July 2, 2021 Author Share Posted July 2, 2021 5 minutes ago, Chief Stipe said: Just checked and the property is owned by The Forbury Park Trotting Club Incorporated. Therefore the sale is subject to the Constitution/Rules of the Club which I've attached. I would say the sale of the property would have to be decided by the members of the Club at an SGM or AGM. Then it would be up to the Club to decide what to do with that money. I'm not sure if Harness NZ did the same as NZTR which was to get some Clubs to change their constitution so that NZTR would be the benefactor of any property sale. Forbury_Park_Trotting_Club_Incorporated_-_Rule_Alteration.pdf 1.36 MB · 0 downloads Thx for that. I suppose that is the concern, namely that clubs have been forced to change their constitution so that HRNZ benefits. That would be sad. Quote Link to comment Share on other sites More sharing options...
Chief Stipe Posted July 2, 2021 Share Posted July 2, 2021 3 minutes ago, Robalan said: I think you will find that the control of Harness Racing Club assets was changed in the latest racing act passed by parliament My understanding is that only occurs if the Club's constitution has been changed to accommodate the Act. Which in Forbury's case it has. However the assets are only passed over if the Club decides to liquidate and close down as a Club. If they sell the assets but stay operating as a Club then they are obliged under their constitution to foster harness racing BUT HRNZ has no control over how they do that. Quote Link to comment Share on other sites More sharing options...
Chief Stipe Posted July 2, 2021 Share Posted July 2, 2021 2 minutes ago, Ludwig said: Thx for that. I suppose that is the concern, namely that clubs have been forced to change their constitution so that HRNZ benefits. That would be sad. Yes it has happened however the Forbury Park Trotting Club still needs to decide to wind up and cease as a Club before their assets can be transferred to HRNZ (although don't be surprised if the other codes get a bit of it!) Theoretically they could still continue as a Club but race elsewhere, put the money in an investment and use any earnings to foster and promote harness racing. 1 Quote Link to comment Share on other sites More sharing options...
Robalan Posted July 2, 2021 Share Posted July 2, 2021 Dubious Quote Link to comment Share on other sites More sharing options...
Ludwig Posted July 2, 2021 Author Share Posted July 2, 2021 6 minutes ago, Davis said: ore information here: https://www.odt.co.nz/star-news/star-national/forbury-site-could-fit-hundreds-homes I know there has been much talk locally about how unsuitable that site would be for housing. The low lying nature of it, prone to flooding, too close to the ocean, it's distance from shops and schools. etc So in time honoured Dunedin fashion, I am expecting a massive bun fight and lots of hot air. 2 Quote Link to comment Share on other sites More sharing options...
Chief Stipe Posted July 2, 2021 Share Posted July 2, 2021 27 minutes ago, Robalan said: Dubious What's "dubious"? The Club has to decide to liquidate BEFORE any assets are transferred under the Racing Act. It is in the recently altered rules of their constitution. Quote Link to comment Share on other sites More sharing options...
Ludwig Posted July 2, 2021 Author Share Posted July 2, 2021 29 minutes ago, Chief Stipe said: What's "dubious"? The Club has to decide to liquidate BEFORE any assets are transferred under the Racing Act. It is in the recently altered rules of their constitution. Sadly I think that is the most likely outcome. The current committee has been badly divided, having tried to roll the president recently. There is little grass roots support for harness, there are no big name wealthy players involved. So unless some miracle occurs, I think it's inevitable that the proceeds will end up at Head Office. Quote Link to comment Share on other sites More sharing options...
Chief Stipe Posted July 2, 2021 Share Posted July 2, 2021 39 minutes ago, Ludwig said: I think it's inevitable that the proceeds will end up at Head Office. But whose Head Office? Harness or Thoroughbred or both? 1 Quote Link to comment Share on other sites More sharing options...
Ludwig Posted July 2, 2021 Author Share Posted July 2, 2021 36 minutes ago, Chief Stipe said: But whose Head Office? Harness or Thoroughbred or both? Good question. I just hope that some of the better assets from Forbury, such as the lights, can find a good home in the harness industry. Quote Link to comment Share on other sites More sharing options...
Robalan Posted July 2, 2021 Share Posted July 2, 2021 Harness Quote Link to comment Share on other sites More sharing options...
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