Northern Territory Numbered Acts Northern Territory Numbered Acts(1) A race club that is no longer registered must take all reasonable steps to dissolve itself in accordance with:
(a) its constitution; and
(b) this Act; and
(c) any other law applicable to the dissolution.
(2) If there is an inconsistency between the constitution of a race club in relation to its dissolution and this Act, this Act prevails to the extent of the inconsistency.
(3) The Commission may, in writing, allow a race club to postpone its dissolution for a period not exceeding 12 months from the date on which the club ceased to be registered if satisfied that:
(a) the financial records of the race club are adequate and accurate; and
(b) the assets of the race club are secure.
(4) The Commission may allow a race club further postponements of its dissolution for:
(a) subsequent periods not exceeding 6 months at a time; or
(b) an indefinite period specified by the Commission if the race club and its officers or members caused no delay in the race club's dissolution.
(5) If a race club fails to complete its dissolution within the period required under this section, on the day after the period expires:
(a) the race club is automatically dissolved; and
(b) the assets of the race club are forfeited to the Territory.
(6) Subject to any Act of the Commonwealth, a thing forfeited to the Territory under this Act becomes the public property of the Territory and extinguishes all other interests in the thing.
Notes for subsection (6)
1 The Personal Property Securities Act 2009 (Cth) protects security interests in goods.
2 The sale and disposal of public property is also governed by the Financial Management Act 1995.
(7) Any amount realised from the forfeited assets of a race club must be paid as follows:
(a) first for the payment of all debts and liabilities, if any, of the race club;
(b) second for any reasonable expenses incurred by the race control body in relation to the dissolution of the race club;
(c) any remaining balance to the Territory.