APPENDIX - " A "
OWNING AND RACING OF HORSES BY LIMITED COMPANIES :
1.(i) For the purpose of these rules "Limited Company" means a company incorporated as such under the Indian Companies Act 1956 or under any of the Companies Act in force in India and/or any of the amendments of any of the above Acts with one of its objects being to own and race horses under the Rules of Racing of a recognised Turf Authority of India.
(ii) A Limited Company shall apply in the prescribed form of the Club for approval to own and race horses.
(iii) The Stewards of the Club shall have complete discretion whether to approve a Limited Company to own and race horses or not, but such Limited Company will have to furnish:-
(a) a list of the names of the Directors of the Company and the Stewards of the Club must be satisfied that none of them is a disqualified person under the Rules of Racing of any recognised Turf Authority and
(b) a true certified copy of each of the following documents of the Company :
Its Memorandum and Articles of Association; and Its latest Directors' Report and audited Balance Sheet and Profit and Loss Account.
(iv) Before giving their approval to any Limited Company to own and race horses, the Stewards of the Club may impose upon it such terms and conditions as they may think fit, which may include :-
(a) the submission to them on 1st April or as early as possible thereafter, every year, of a true certified copy of each of the following:
All amendments to the Memorandum and Articles of Association of the Company effected during the last twelve months ending 31st March next preceding; and The latest Directors' Report and audited Balance Sheet and Profit and Loss Account.
(b) the furnishing to the Stewards of the Club of information as to any change in the Board of Directors or in the controlling interest (if any) of the Company immediately on such changes taking place.
(v) The Stewards of the Club may in their absolute discretion at any time, and without assigning any reason thereof withdraw their approval to the Company to own and race horses. Without prejudice to the foregoing, the Stewards of the Club shall withdraw their approval to the Company to own and race horses if:
(a) any Director of the Company is or becomes a disqualified person under the Rules of Racing;
(b) the Company fails to furnish to the Stewards of the Club such correct information as they may demand within a reasonable time.
(c) the Company is being wound up or a Receiver or a Liquidator thereof has been appointed.
(d) any authorised agent of the company, as herein below defined is or becomes a disqualified person.
(vi)(a) A horse may be entered and run in the name of a Limited Company if it is in the part-ownership of the Company and represented by such number of Directors of the Company, not exceeding four, as that Company may notify on its behalf.
(b) A Limited Company represented by one of its Directors may own a horse in co-ownership with an individual or a Limited Company. In such a case Rules relating to co-ownership shall apply.
(vii)(a) "Authorised Agent" means a person who is appointed as such by the Limited Company in writing which is executed under its Common Seal in pursuance of a Resolution passed by its Directors and whose appointment has been approved and registered by the Stewards of the Club .
(b) The Stewards of the Club shall have absolute and complete discretion to approve and register any person as an authorised agent or to refuse to approve and register him as such.
(viii) A Limited Company shall be entitled to exercise the rights and powers as the Owner of a race horse only through its authorised agent.
(ix) No horse owned by a Limited Company may be entered in a race or fulfill any engagements unless there is an authorised agent of the Company.
(x) The Stewards of the Club may at their absolute discretion at any time, and without assigning any reason therefor, withdraw their approval of any authorised agent and cancel his registration. Without prejudice to the foregoing, registration will automatically be cancelled if:-
(a) the authorised agent is or becomes a disqualified person within the meaning of that person as defined in the rules of Racing of the Club; or
(b) the authorised agent is or become or is adjudicated an insolvent; or
(c) the Limited company ceases for any reason to carry on any business or is wound up or becomes defunct or ceases to be registered as such; or
(d) the Company ceases to be the Owner of any race horse.
(xi) The registration of an authorised agent of a Limited Company will be cancelled at the request of the Company if the request is made in writing executed under its Common Seal.
(xii) A registration fee and renewal fee of an amount as notified by the Stewards of the Club from time to time shall be payable for registration as an Owner in respect of each registered Company and the renewal fee shall be payable annually. The Stewards of the Club shall, in their absolute discretion have the power to increase the said maximum registration and/or renewal fee to be paid by the Company from time to time, and it shall there upon pay such increased fees to the Club.
(xiii) No financial assistance will be granted by the Club to a limited company for the purchase or lease of horses for racing and/or breeding.