THE Thoroughbred Breeders Association is facing up to a new structure, after 92 years operating under the same constitution.
Proposed changes, which have been drawn up by Cambridge solicitors Taylor Vintners and were revealed to members at yesterday's annual meeting, are intended to meet recently revised Charity Commission requirements.
From an unincorporated association, in which even members are liable if the whole business gets into financial trouble, the TBA will become a company limited by guarantee, with an associated trading company limited by shares owned by the main company.
Explaining the changes, Taylor Vintners partner Janet Turner, QC, said: "We're talking about the TBA having a new overcoat. It would be made of the same Harris tweed but would have smart, new, environmentally friendly buttons to make it suitable for the modern age."
The new structure would replace the existing 20-strong TBA council with a board of directors and nominated committees.
Turner said that the current size of the council would betoo big for the new board, which ideally should be no more than 12 people, chosen to provide a balance of expertise and appointed by a mix of election among members and appointment by the board.
More details will be provided for members before an extraordinary general meeting is called in the late spring or early summer, added chairman Kirsten Rausing.