(1) If the race control body appoints members of the governing board or committee of a race club under section 73 (6)(c), the Commission may, by written notice to the race club:
(a) declare that this section applies to the race club for the period specified in the notice; and
(b) specify the terms and conditions on which all or any of the members of the governing board or committee hold office.
(2) While this section applies to the race club, the Commission may do any of the following:
(a) remove or appoint members of the governing board or committee;
(b) vary, revoke or substitute a term or condition specified under subsection (1)(b);
(c) suspend or vary a provision of the race club's constitution.
(3) The Commission may, by written notice to the race club, extend the time for which this section is to apply to the race club.