Have you read the article on KA's website how the other State members voted to expel KNSW from Ordinary membership of Karting Australia. Sure the Meeting was called correctly under Section 249 D of the Corporations Law but I would question the validity of the Resolutions passed at that meeting. I fail to see how a legitimate member of KA can be expelled like this. Will KNSW lose it's entitlement to hundreds of thousands of dollars in the Track Development Fund?
Comments12
How the other States voted 'overwhelmingly' to oust KNSW????? I am told there were 8 'attendees' including KA_NSW that cast a vote??
6 voted for, 1 against and 1 abstained. There are only 7 ordinary members of KA, so if correct then the meeting was invalid, but why should that concern KA??
KNSW according to this farce, were removed from AKA Pty Ltd, T/A KA.   KNSW are still affiliated with AKA Inc, and those members are the trustees of the TDF to which KNSW is still a beneficiary.
How does KA removed KNSW as a beneficiary of of that fund?????? KA are not the trustees,
So based on previous karting numbers, surely NSW can claim their percentage of the TDF and leave with their heads held high?
Who in their right mind wants to be a part of KA.
Glad I left !!!
KA is the Trustee of the TDF. AKA Inc. doesn't exist anymore. Neville Scullion said:
How the other States voted 'overwhelmingly' to oust KNSW????? I am told there were 8 'attendees' including KA_NSW that cast a vote??
6 voted for, 1 against and 1 abstained. There are only 7 ordinary members of KA, so if correct then the meeting was invalid, but why should that concern KA??
KNSW according to this farce, were removed from AKA Pty Ltd, T/A KA.   KNSW are still affiliated with AKA Inc, and those members are the trustees of the TDF to which KNSW is still a beneficiary.
How does KA removed KNSW as a beneficiary of of that fund?????? KA are not the trustees,
AKA Inc does
Richard, Neville is correct, and so the money should be available.
My Concern is that while the books show a real honey pot of money in the TDF, is the ACTUAL Money still in the Bank? or has it been spent on other ventures? I am not sure that KA could write a cheque for the NSW Amount?????
KA is the Trustee of the Track Development Fund Trust. As this is a Discretionary Trust KA can exercise it's discretion & not pay any beneficiary, including KNSW!
As far as AKA Inc. still existing let me quote Craig Denton when he was President..."On 31 August 2013 the entire operations of the Australian Karting Association Inc. will be wound up as per Clause 43 of the Constitution of the Australian Karting Association Inc." All assets & liabilities of AKA Inc. were taken over by AKA Ltd. trading as Karting Australia.
Anyone reading the Annual Report of the TDF as at 31 December 2017, in the Balance Sheet, there is $1.4 million in 'cash or cash equivalents' of which KNSW is entitled, at the DISCRETION, of KA to $588,000. Based on this KA could write a cheque for the amount due to NSW but only if it wanted to & that is a real problem for KNSW to overcome.
From ASIC at -Â https://connectonline.asic.gov.au/RegistrySearch/faces/landing/pane...
AUSTRALIAN KARTING ASSOCIATION INC.
Â
Â
Association Summary
Â
Name:
AUSTRALIAN KARTING ASSOCIATION INC.
ABN:
(External Link)
Registration number:
A0014336G
State of registration:
Victoria
Registration date:
4/09/1987
Status:
Registered
Date deregistered:
Type:
Associations
Principal place of business:
Regulator:
Consumer Affairs Victoria
​...Which document (if any) changed the Trustee of the AKA Inc Track Development Fund ?And (if so) which legal entity is the Trustee ?When I asked the Vice President about AKA using the TDF as a "piggy bank" to fund insurance payments the State associations became the Trustees - but that was a while ago .. Â
On 12th November 2013 the transfer of the Trusteeship to KA was completed. KA is the Trustee of the TDF. Answer your questions Smithy? The only reason it stays 'alive 'is because it owns a unit in a Trust that owns the building in Penrith. Greg N Smith said:
From ASIC at -Â https://connectonline.asic.gov.au/RegistrySearch/faces/landing/pane...
AUSTRALIAN KARTING ASSOCIATION INC.
Â
Â
Association Summary
Â
Name:
AUSTRALIAN KARTING ASSOCIATION INC.
ABN:
(External Link)
Registration number:
A0014336G
State of registration:
Victoria
Registration date:
4/09/1987
Status:
Registered
Date deregistered:
Type:
Associations
Principal place of business:
Regulator:
Consumer Affairs Victoria
​...Which document (if any) changed the Trustee of the AKA Inc Track Development Fund ?And (if so) which legal entity is the Trustee ?When I asked the Vice President about AKA using the TDF as a "piggy bank" to fund insurance payments the State associations became the Trustees - but that was a while ago .. Â
Hi Richy
Re - your "Answer your questions Smithy?"I was (in part) replying to your - "AKA Inc. doesn't exist anymore."Who is this KA you mention ?And what type of legal entity is it ?There was a Karting Australia Ltd around a few years back ...Might have had something to do with CAMS and a meeting in Melbourne - Notice of Meeting comes to mind ...And I have read the 2017 TDF Annual Report - I found some of it interesting ...Over ...
KA is Karting Australia the trading name of Australian Karting Association Ltd. As a legal entity it is a company limited by guarantee. You already know this. Greg N Smith said:
Hi Richy
Re - your "Answer your questions Smithy?"I was (in part) replying to your - "AKA Inc. doesn't exist anymore."Who is this KA you mention ?And what type of legal entity is it ?There was a Karting Australia Ltd around a few years back ...Might have had something to do with CAMS and a meeting in Melbourne - Notice of Meeting comes to mind ...And I have read the 2017 TDF Annual Report - I found some of it interesting ...Over ...
Cash, .........................or Cash equivalents? ......................... Like lap scoring Boxes?
Yes, AKA Did use the fund to pay the insurance bill, as they were very short on $'s at the time, and as racing was to cease on the following week-end, however the $'s were replaced back into the TDK Account, and that was before the current TDF trust was in place, in fact it was one of the main reasons why the trust was created.
Richard
I think you will find there are two separate trusts.
One is the TDF, and the other is the joint venture of buying the house at Penrith from where both AKA and KNSW operate from.
The trustees of the TDF are the states, not KA.
Any club that had an existing loan from the TDF signed it across to KA at the time of migration.Â
AKA was not wound up at all.