Interpretations

(This section is a work in progress)

The "Rules of Racing" means the set of rules designed by racing's participants to protect integrity within all aspects of British horseracing and currently administered and managed by the BHA.

"BHA" means British Horseracing Authority - a non-statutory trading business of British Horseracing Authority Ltd, a private company limited by guarantee without share capital (company no. 02813358).

"Syndicator" means any individual or entity with fiscal liability, engaged in the forming and managing of a shared racehorse ownership scheme, whether or not for profit.

"syndicate" means the product of the Syndicator's offer to consumers.

"syndicate manager" means either the Syndicator or a person(s) without fiscal liability appointed/employed by the Syndicator to manage the day to day operation of the syndicate.

"syndicatee" means a consumer who joins a syndicate.

"Racing Club" means an entertainment associated with racehorses, where the Members acquire no ownership or beneficial ownership rights to the racehorse but may acquire certain benefits such as the sharing of race prize money.

"consumer" means any individual (a syndicatee for example) who in relation to a commercial practice is acting for purposes which are outside their business.