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?
Neville is right, the Penrith building is owned by a unit trust of which AKA Inc is joint trustee. Any change of the TDF trustee is in dispute. The NKC minutes for one, do not record a resolution that either the trust variation was agreed, nor that the states had been provided notice of that business and their delegates had been instructed.
Ian Mooney, the TDF is a discretionary trust and the trustee has the discretion who to pay. KNSW have no fixed interest in its funds whether they leave KA or not. A court may take another view. But KA's new NSW entity, KANSW, is not a beneficiary and cannot become a beneficiary.