Is the proportionate stake of a syndicate member gauranteed to be the same as indicated in the syndicate summary?
Normally, yes, but in the unlikely event that the relevant syndicate is under-subscribed, the Committee reserves the right, on giving members notice, to increase their proportionate stake. This increase will inevitably affect (upwards or downwards) the amount each member stands to receive on dissolution of the relevant syndicate. The Committee guarantees, however, that in no circumstances will such increase result in any variation in the amount payable by a member for his/her share(s) in the relevant syndicate. If any variation occurs in the proportionate stake of each member in a syndicate, then no horse owned by that syndicate will remain in training for a second season unless all members of the relevant syndicate consent to its doing so and to any variation in the anticipated cost per member of its so doing.
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