Certificate invalidity on change of ownership10R A IOM M IRSA Events Classes Rules
At what point, on change of ownership, does the certificate become invalid?
The certificate becomes invalid upon a change of ownership. The change of ownership is the important criterion – not the signing of the certificate by the new owner – not the issue of the new certificate in the new owner’s name.
However, while the concept of ownership is normally well understood between any two people it may be that the law of the land becomes relevant in particular cases and this may vary depending on the contract involved and where the ‘transaction’ takes place.
The view is that IRSA class rules are not intended to, nor do they, shed any light on ownership or when it changes hands.