Cheltenham Trail and Cleeve Racing Club Governance document
(this document has been lodged with Weatherbys)

1. Cheltenham Trail and Cleeve Racing Club is the name of the Racing Club.
2. The Club will be managed by Nick McKenna (Cleeve) and Andrew Gibson (The Cheltenham Trail).
3. The Club Managers addresses are 3, Quince Orchard, Hamstreet, Kent, TN26 2HB and 6 Redvers Street, Lancaster, Lancs LA1 5EA
4. Initial subscriptions to the Club is a one-off payment of £3,000 and membership is valid for two calendar years starting 17th August 2020.
5. Members will be asked to pay a £150 contingency payment on or before October 1st 2020 to cover unforeseen costs.
6. No further costs will be levied on members for the full two-year term of the Club.
7. A deduction of £7,000 per horse will be set aside from initial funds raised to cover 1) club set-up costs, 2) all normal racing costs (based on 6 races per season per horse).
8. A schedule fully detailing the costs above will be published to all members.
9. Any funds not spent will be returned to members at the end of the 2 year period
10. The Club has agreed with Micky Hammond that no training fees will be levied on any of the Club horses for the full two-year period of the Club's operation.
11. In lieu of training fees, Micky Hammond will receive 60% of the total net prize money won and 33% of any net resale value of the Club's horses.
12. Once the membership has closed the exact % share of each member will be calculated and formal proof of ownership issued.
13. The maximum number of shares allowed in a single ownership is 6.
14. After the initial subscriptions have closed, the Club will apply for VAT registration to be able to levy VAT on racing costs and income.
15. The Club will publish a monthly schedule of income and costs that will be sent to all members in the effort to be completely transparent.
16. There will be a Club AGM that all members will be invited to participate in.
17. The Club's AGM will be officially minuted and these minutes will be distributed to all members.
18. An Extraordinary General Meeting can be called with the agreement of at least 80% of the total Club membership.
19. All management decisions relating to the training and racing of the horse shall rest with the Club Managers alone.
20. The management will ask the membership to vote on any event that is not foreseen within normal racing activity… i.e. if we receive an offer for a Club horse during the 2-year period of Club operation.
21. The action is mandated if it receives 65% or more of the member's vote. 
22. If there is a majority of less than 65% the Club Managers will decide which action to take in the best interests of the membership.
23. At the end of the two years, the Club's assets will be dissolved and the net proceeds distributed pro-rata to the members.