S.L. 386.33 Art. 6Registration of an existant club as a sports private limited liability company.     Cap. 601.   Cap. 379. S.L. 325.07.

(1) An existing club may, subject to compliance with the Act and these regulations, register as a sports private limited liability company.

(2) Upon registration, the sports private limited liability company shall have full legal personality in accordance with the provisions of the Act, and shall assume all the responsibilities pertaining to the management, operation and administration of the club with effect from the date of registration with the Registrar.

(3) Upon the registration of the club as a sports private limited liability company, all rights, interests, privileges, assets, liabilities, and obligations of the club, whether actual, contingent, or accrued, shall be vested in the sports private limited liability company, in full conformity with applicable law:

Provided that where any right or obligation subsisting between the club and a third party would, under applicable law, require the prior written consent or execution of a signed contract by such third party in order to effectuate its transfer, the club shall obtain such consent or execute such contract prior to the registration of the sports private limited liability company:

Provided further that no prior consent or execution of any instrument shall be required where the rights, interests, privileges, assets, liabilities or obligations are not altered, impaired, or otherwise affected by the registration of the club as a sports private limited liability company, and such rights and obligations shall continue in full force and effect in accordance with applicable law.

(4) Any financial assistance, ownership rights or concession granted to a club by a public authority shall, upon its registration as a sports private limited liability company be regulated by, and be subject to the provisions of the Public Finance Management Act, the

Competition Act, the State Aid Monitoring Regulations and the Act, as the case may be:

Provided that the sports private limited liability company shall ensure compliance with any conditions attached to such aid or support.