Members of AIRO will have been aware that, for some time now, the Council have been working towards changing the legal status of the organisation from an Association to that of a Company Limited by Guarantee.
This arose from requests by a number of members to remove any possible liability which members would be exposed to under the old AIRO structure.
At an EGM held at the ITBA offices on January 10th 2020 the schedule of converting the legal status of the organisation was outlined.
In keeping with the resolutions agreed by members on January 10th was the need to hold a meeting which was facilitated by way of conference call to ensure that the Council adhered wholly to the current ongoing Covid-19 restrictions.
Robert Ryan of Doherty, Ryan and Associates who has been assisting AIRO with this transition also attended the meeting on the conference call.
The purpose of the meeting which was held on Tuesday 31st March 2020 was to (a) approve 1st April 2020 as being the “Commencement Date” of AIRO Racing CLG as a successor organisation to the Association (b) approve the transfer to AIRO Racing CLG of 75% of membership funding received by the Association up to 31st March 2020 and ( c) note that the Association shall cease to carry on its activities and operations other than for the purpose of winding down, as of the Commencement Date of AIRO Racing CLG. This was all approved and noted.
Notice to Members
In accordance with resolutions adopted by members at the Association’s Extraordinary General Meeting on 10th January 2020, and following the Council meeting on 31st March 2020, AIRO has changed over to AIRO Racing CLG, trading as the “Association of Irish Racehorse Owners”, effective as of 1st April 2020 and members are advised of the following:
1. AIRO Racing CLG is an Irish Company limited by guarantee having limited liability.
2. AIRO Racing CLG is and has become the successor entity to AIRO as referred to in AIRO EGM Resolution No.1 adopted on 10th January 2020.
3. AIRO Racing CLG is and has become the successor entity to AIRO as referred to in the HRI Owner 2020 Account Notice.
4. AIRO 2020 members have been admitted into membership of AIRO Racing CLG effective as of 1st April 2020.
5. 75% of the membership subscription paid by AIRO Members in 2020 has been transferred to AIRO Racing CLG in satisfaction of their membership subscription due for 2020.
6. The liability of each member of AIRO Racing CLG for the debts of the company is limited to one euro.