Thoroughbred — Chapter 32: Partnerships

32.01  For the purposes of this chapter Syndicates and Joint Ventures which are not in the form of Limited Partnerships or Corporations shall be deemed to be Partnerships.

32.02  Partnerships must be registered with the Commission.

32.03  Partnership registration papers shall, among other things, set forth the following:

1. The name and address of every person having any interest in the horses involved;
2. The relative proportions of such interests;
3. To whom the winnings are payable;
4. In whose name the horses shall run;
5. With whom the power of entry and scratching rests;
6. The terms of any contingency, lease or other similar arrangement.

32.04  Any individual or entity owning at least five (5%) percent of any horse in a Partnership must be licensed as an owner. In the event a Partnership does not contain at least two (2) individuals or entities that each has at least a five (5%) percent interest therein, then two (2) partners shall be designated to represent the Partnership and must be licensed as owners.

32.05  In the event that a Partnership contains members that are not required to be licensed under Rule 32.04, those members that are required to be licensed under Rule 32.04 must file a Statutory Declaration that no member of the Partnership is ineligible for licensing in any racing jurisdiction or is currently suspended by any Racing Authority. If a member of a Partnership not required to be licensed under Rule 32.04 is a Corporation, such Statutory Declaration shall also state that all officers, directors and shareholders of such Corporation are eligible for licensing.

32.06  In any Partnership, any member required to be licensed under Rule 32.04, which is a Corporation or a Limited Partnership, shall also satisfy the provisions of this chapter relating to Corporations and Limited Partnerships.

32.07  An alteration in the Partnership registration papers or contents thereof must be reported in writing to the Registrar and signed by all the partners.

32.08  All members of a Partnership and each of them shall be jointly and severally liable for all stakes and other obligations.

32.09  Any claim not signed by all members of a Partnership shall not be recognized unless the Partnership has licensed with the Commission an Authorized Agent with the power to claim on that Partnership’s behalf and said Agent has signed the claim in question.

32.10  If the members of a registered Partnership decide to race their horse or horses in a single designated name, other than a stable name, the name and the phrase “and partner(s)” shall be carried on the daily racing program.

Limited Partnerships

32.11  Limited Partnerships must be registered with the Commission.

32.12  Limited Partnership registration papers shall, among other things, set forth the following:

1. The name and address of the General Partner and of each Limited Partner;
2. The proportional interest owned by the General Partner and each Limited Partner;
3. To whom the winnings are payable;
4. In whose name the horses shall run;
5. With whom the power of entry and scratching rests;
6. The terms of any contingency, lease or other similar arrangement.

32.13  All Limited Partnership registration papers shall be signed by the General Partner.

32.14  The General Partner must be licensed as an Owner and in the event the General Partner is a Corporation it must satisfy the provisions for licensing as required in this Chapter relating to Corporations.

32.15  The General Partner must file a statutory declaration that no Limited Partner is ineligible for licensing in any racing jurisdiction or is currently suspended by any racing authority. In the event that a Limited Partner is a Corporation, such statutory declaration shall also state that all officers, directors and shareholders of such Corporation are eligible for licensing.

32.16  Any alteration in the Limited Partnership registration papers or contents thereof must be reported in writing to the Registrar and signed by the General Partner.

32.17  Any claim not signed by the General Partner shall not be recognized unless the General Partner has licensed with the Commission an Authorized Agent with the power to claim on the Limited Partnership’s behalf and said Agent has signed the claim in question.

32.18  If the General Partner does not decide to race under a stable name, the name and phrase “limited Partnership” shall be carried on the daily racing program.

Corporations

32.19  On the renewal of any licence involving a corporation, the structure of the corporation must be re-filed to provide the names and addresses of all shareholders holding more than five (5) percent of the voting shares of the corporation.

32.20  Corporate registration papers shall, among other things, set forth the following:

1. The head office address of the Corporation;
2. The name and address of every director and officer and each shareholder holding or controlling five (5%) percent or more of the capital stock in the corporation;
3. The proportional interest of each shareholder holding or controlling five (5%) percent or more of the capital stock in the corporation;
4. To whom the winnings are payable;
5. In what name the horses shall run;
6. With whom the power of entry and scratching rests;
7. The terms of any contingency, lease or other similar arrangement.

32.21  In corporations where one individual is both the sole officer and director, such individual must be licensed as an owner. In all other corporations two (2) officers, who are also directors, must be licensed as owners.

32.22  All corporate registration papers shall be signed by those officers/directors who are required to be licensed as owners.

32.23  The officers/directors required to be licensed as owners pursuant to rule 32.21 shall file a statutory declaration that no officer, director, or shareholder is ineligible for licensing in any racing jurisdiction or is currently suspended by any Racing Authority.

32.24  If any shareholder holding or controlling at least five (5%) percent of the capital stock in the Corporation is a Partnership, Limited Partnership or Corporation, it must make similar full disclosure as required by those entities under the Rules of this chapter.

32.25  Any alteration in the corporate registration papers or contents thereof must be reported in writing to the Commission and signed by the officers/directors required to be licensed as owners under Rule 32.21.

32.26  Any claim not signed by the officers/directors required to be licensed as owners under Rule 32.21 shall not be recognized unless the said officers/ directors have licensed with the Commission an Authorized Agent with the power to claim on the Corporation’s behalf and said Agent has signed the claim in question.

32.27  Subject to the provisions of Chapter 31, a corporate name shall be considered as a stable name for the purposes of the Rules.
General Provisions

32.28  Any person having an interest in more than one racing entity must be licensed with the Commission.

32.29  Notwithstanding the provisions in the Rules or in any registrations with the Commission pursuant to such Rules, winnings may, subject to lawful assignment or court order, be made by a Racing Association to such entity or entities as, according to the documents the Racing Association has received from the Registrar, appear to be the entity or entities entitled to be paid such winnings, and such payment shall constitute valid payment of those winnings.

32.30  Any Partnership, Limited Partnership or Corporation in which any participant is not eligible for licensing or is currently suspended shall itself not be eligible to race any horse until the ineligible or suspended participant completely disassociates himself, herself or itself from the Partnership, Limited Partnership or Corporation.

32.31  The Registrar or the Stewards may demand submissions of any further statutory declarations they deem necessary in regard to full disclosure of ownership or beneficial ownership under the Rules of this chapter and may prevent the entering of horses until such statutory declarations have been placed on file.