Constitution

The V8 Masters Association is a VOLUNTARY NON-PROFIT association with Perpetual Succession that was established in order to:

  • promote and ensure the financial sustainability of the organisation and its members
  • store and maintain members (past and present) race cars
  • provide affordable V8 racing to its members
  • ensure that all cars remain under the direct control of the Association and that exiting members only sell cars to either existing or incoming members
  • ensure that the members share common and association expenses equitably and manage a platform for payment by members to the associations approved third party suppliers

The Association has a mandatory Conduct Code that also governs, among other things, the financial responsibility of all its members. The Code’s objective is to maintain and enhance the reputation, standing and good will of the V8 Masters Association.

MANAGEMENT

The Association has no Shareholders, its members appoint a management committee by way of simple majority, the management committee control day to day operations based on the mandate provided by the members, and no income is distributed to its office bearers. All income received is used solely to further the objectives of the Association.

VOTING
  • All current members from time to time have a single VOTE in all matters concerning the Association, provided they are in good standing and have competed in at least 70% of the races year to date at the time of such a vote.
  • A quorum at meetings of members requires 60% of those in good standing present.
  • Votes on ordinary items require a simple majority to pass.
  • Votes on fundamental items require 75% + 1 to pass.
  • The chairman does NOT have a casting vote.
WINDING UP

Upon winding up, all the assets of the Association must transfer to another non-profit association/NPC with similar objectives. Should this not be immediately possible, assets should be placed in trust (either sold for cash or stored, or a combination) until such time as a non-profit association/NPC with similar objectives can be identified or is formed by the majority of the Associations last annual members and office bearers.