In accordance with Australian Rule of Racing AR57 (2) (d), and in consideration of streamlining the transfer of ownership process for Owners, Deputy Registrars of the Principal Racing Authorities, in conjunction with RISA as the Registrar of Racehorse, and feedback from Owners and Owners Associations have instituted new procedures with affect 1 August 2014 for the Managing Owner when transferring the ownership of a horse.
When completing the Transfer of Ownership Form provision has been made for the Managing Owner to sign on behalf of those owners remaining in the ownership whose share percentage will remain unchanged under the new ownership. The Managing Owner will be responsible for advising all remaining owners of the change in structure of the ownership.
It will still be necessary for the person, or manager of an entity, to sign the Transfer of Ownership Form should they be relinquishing all or part of their percentage of ownership in the horse.
Examples of this are:
- Where an Owner is selling 5% and the New Owner, or an Existing Owner is purchasing that 5% then the Exiting Owner would sign The Transfer of Ownership form and the Managing Owner can sign on behalf of the remaining owners. The Incoming or Existing Owner will need to complete a Transfer of Ownership – New Ownership Details Page.
- Where an Owner is selling 10% and five new Owners are purchasing 2% each then Exiting Owner would sign The Transfer of Ownership form and the Managing Owner can sign on behalf of the remaining owners. All five Incoming Owners will need to complete a Transfer of Ownership – New Ownership Details Page.
- Where 100% of the ownership is being relinquished all Exiting Owners must sign the Transfer of Ownership form.
New Transfer of Ownership, Horse Registration and Change of Manager Forms, dated 1st August 2014, are now available from the Deputy Registrar’s of the Principal Racing Authorities, or from the RISA website www.risa.com.au by going to the Registrar of Racehorses section.