6.4 Private horse racing scheme – promoter may not require a licence

Interests in this type of scheme may only be made available to potential participants by a person who IS NOT in the business of dealing in interests in such schemes. A scheme of this type MUST NOT have more than 20 members (under the ARR). There are no prescribed disclosure requirements under the Corporations Act.

Under the ARR, the members will be subject to the terms of the Tor Co-Owners Agreement UNLESS they exclude and replace it with their own agreement.