Gorcombe Horse Racing Society (hereinafter “the Society”) Rules and Conditions
- 1.1 The ownership of all of the horses together with the breeding and the intellectual property rights in the horses shall remain with Phillip Randolph Meaden, (“the Owner”).
- 2.1 The membership of the Society shall be limited to 100 members in total.
- 2.2 There shall be three classes of membership entitled to a share of Total Prize Monies (as hereinafter defined) as follows:-
- (i) Platinum Members shall be entitled to receive 1% of the Total Prize Monies
- (ii) Gold Members shall be entitled to receive 0.5% of the Total Prize Monies
- (iii) Silver Members shall be entitled to receive 0.25% of the Total Prize Monies
- 2.3 All subscriptions are due in advance on the first working day of each calendar month. In the event that a subscription remains unpaid for more than 28 days membership of the Society shall lapse and that membership may be offered to another individual.
- 2.4 A member of the Society may terminate his/her membership at any time without penalty. Any prize monies held to the credit of that member shall be accounted for at the next distribution of prize monies.
- 2.5 The term “Member” shall mean an individual who has paid the subscription fee when due.
- 2.6 The Society shall publish membership subscriptions annually.
3. Prize Monies
- 3.1 In each year the Society shall accumulate all prize monies and hold the monies in trust for the current and former Members of the Society in that year.
- 3.2 The Society shall publish an account of the prize monies (the “Prize Monies Account”) as soon as possible after the 1st day of September in each year.
- 3.3 In calculating prize monies the only deduction from the gross prize monies shall be the lawful deductions made by BHA. The net sum shall be the Total Prize Monies.
- 3.4 Following the publication of the Prize Monies Account the Society shall distribute prize monies to Members of the Society.
- 3.5 Such distribution shall be calculated pro rata in accordance with the type and duration of membership in the year in which the monies were won. In the absence of manifest error the decision of the Owner shall be final.
- 3.6 The calculation of the monies due to each member shall be the total prize monies divided by 100 x the class of membership (1%, 0.5% 0.25% x the duration of membership (x/12th).
- 4.1 The Owner will use all reasonable endeavours to provide the Society with 3 fit horses throughout the season. In the event of any horse not being fit or otherwise not able to race the decision of the Owner upon the advice of the trainer and where appropriate a suitable qualified equine vet shall be final.
- 4.2 The decision of the Owner upon the advice of the trainer as to which races to enter any particular horse shall be final.
5. The Racing Experience
- 5.1 The Society will use all reasonable endeavours to invite each Platinum Member who has subscribed to the Society over the course of a year consecutive months to 3 race meetings in each season. This is subject to the horses fitness, weather and the identification of suitable race meetings.
- 5.2 The Society will use all reasonable endeavours to invite each Gold Member who has subscribed to the Society over the course of a year to 1 race meeting in each season. This is subject to the horses fitness, weather and the identification of suitable race meetings.
- 5.3 Entry to the race meetings shall be provided by the Society. While the Society may where possible invite members to share transport and it will use all reasonable endeavours to invite groups of members who share a social or family connection to enjoy the same race meeting it shall be for the Members to arrange their own transport and subsistence.
- 5.4 The Owner shall not be responsible in the event of a horse not running at a race meeting because of transport difficulty, illness or injury, weather conditions or other events outside of the control of the Owner. In the event of a cancellation the Owner shall notify the Members as soon as reasonably practicable.
- 5.5 The preferred jockey is Bryony Frost. However in the event that Bryony is unavailable the Owner upon the advice of the trainer shall select a suitable jockey.
- 5.6 All trophies, prizes and gifts shall remain the property of the Owner.
6. Dissolution of the Society
- 6.1 The Owner may dissolve the Society upon giving two months written notice to members.
- 6.2 In the event that the Society is dissolved the Total prize Monies shall be distributed to each member in accordance with 3.6.