RaceCafe..#1...Tipsters Thread.... Share Your Fancies For Fun...Lets See Who The Best Tipsters Here Are.
slam dunk

Club Land Sales - wakeup call

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NZTR seems to spend a lot of time on nuts and bolts e.g. putting trials videos up early whereas it could spend more resources ensuring that club members from various clubs are better informed about club land sales.

The Avondale Bowling Club saga is quite shocking.  https://www.stuff.co.nz/business/property/101794140/bowling-club-land-was-sold-twice-in-one-day--with-a-525000-price-jump

That club is a stones throw away from the racing club with some cross affiliations. If its that easy for a few office holders at the bowling to get together to snare $800,000 its not beyond possibilty some racing club in New Zealand could suffer the same fate. Wouldn't happen at Avondale Racing Club under current President but at the same time I query the judgement of any committee member at Avondale who as a member of the Bowling club didn't query that land sale.

Quite extra ordinary reading of the bowling club and more extraordinary why those involved aren't in jail.

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31 minutes ago, slam dunk said:

NZTR seems to spend a lot of time on nuts and bolts e.g. putting trials videos up early whereas it could spend more resources ensuring that club members from various clubs are better informed about club land sales.

The Avondale Bowling Club saga is quite shocking.  https://www.stuff.co.nz/business/property/101794140/bowling-club-land-was-sold-twice-in-one-day--with-a-525000-price-jump

That club is a stones throw away from the racing club with some cross affiliations. If its that easy for a few office holders at the bowling to get together to snare $800,000 its not beyond possibilty some racing club in New Zealand could suffer the same fate. Wouldn't happen at Avondale Racing Club under current President but at the same time I query the judgement of any committee member at Avondale who as a member of the Bowling club didn't query that land sale.

Quite extra ordinary reading of the bowling club and more extraordinary why those involved aren't in jail.

Well you would be a bit dumb if you were an incorporated society Board/Committee Member who allowed it to sell land without first obtaining a registered valuation.  And if that registered valuation was so much lower than market value then one would expect the Valuer's insurers to be called upon to redress the balance.

The whole thing is that you are not dealing with your own money and in such circumstances one would want to be very very careful to dot one's 'i's and cross ones 't's lest it come back to bite one on the a#*e so to speak

In this case one would expect Drever to have to account to the club for the difference because Incorporated Society rules(under the Act) quite specifically prohibit 'pecuniary gain' for a member of an incorporated society from his or her dealings with the same

 

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24 minutes ago, TOM(the other Molloy) said:

Well you would be a bit dumb if you were an incorporated society Board/Committee Member who allowed it to sell land without first obtaining a registered valuation.  And if that registered valuation was so much lower than market value then one would expect the Valuer's insurers to be called upon to redress the balance.

The whole thing is that you are not dealing with your own money and in such circumstances one would want to be very very careful to dot one's 'i's and cross ones 't's lest it come back to bite one on the a#*e so to speak

In this case one would expect Drever to have to account to the club for the difference because Incorporated Society rules(under the Act) quite specifically prohibit 'pecuniary gain' for a member of an incorporated society from his or her dealings with the same

 

Drever and his cohorts will obviously go down. But the real culprit is the lawyer who helped register the company Avondale Bowling Club Ltd.  Why as a lawyer would you register such a company knowing its just there for one transaction to fool the end buyer he is dealing with the real entity. Interesting what the Law Society will do. I guess nothing.

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55 minutes ago, slam dunk said:

Drever and his cohorts will obviously go down. But the real culprit is the lawyer who helped register the company Avondale Bowling Club Ltd.  Why as a lawyer would you register such a company knowing its just there for one transaction to fool the end buyer he is dealing with the real entity. Interesting what the Law Society will do. I guess nothing.

Might not be a lawyer.  I form companies for clients all the time and it is easy to form companies yourself on the net.  Five minute job in the case of a simple company.

As for the lawyer being in trouble why?  If someone comes in here and says I want to form a company it is generally no issue.  if however you discover they are using it for dodgy purposes then there are ethical considerations and remedies that I will not go into.  in this case he may have used two lawyers one for the buy and one for the sale so how would one know what the other is doing.

It is drawing a long bow to blame the lawyer here (on the face of it anyway)

 

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I believe it's far too easy to choose a  'company' name that is close to an existing name.

No way should a name with Avondale Bowling Club in it have been approved.

Methinks it is too easy in NZ to set up an Incorporated Society and/or Charity .

There are nearly 30,000 Charities in NZ .

Apparently Charity Services had only 16 closed investigations closed last year resulting in 3 formal warnings ,6 voluntary deregistrations and only 1 deregistration after discovering 'serious wrongdoing'.

On Jan 18 there was a case The Herald where a guy.....Martin Pim ,involved in a Company called Crickey Dick Investments was the sole trustee of the Whitiora Charitable Trust and he filed fake donations so that he only gained $9520 for himself over 5 years.

He wrote 'thank you' notes to himself...his mates got refunds from tax credits from fake donations,which were significant.

Obviously his games with the IRD attracted Police attention ,but often the Incorporated Societies/ Charities services under the DIA are often a toothless bunch who have plenty of rules do bugger all chasing up dodgy people and organisations.

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