That is what we discovered on Wikipedia relating to the Victoria Racing Membership:

The Victoria Racing Club was founded in 1864. It was formed following the disbanding of the Victoria Turf Club and the Victoria Jockey Club. A legacy passed from the Victoria Turf Club was the annual "race that stops a nation", the Melbourne Cup, which was first contested in 1861.

From its foundation in 1864 until 2001, the Victoria Racing Club was the responsible authority for the conduct of thoroughbred racing in the State of Victoria, Australia. Since 2001, this role has been managed by Racing Victoria Limited.

The VRC is managed by an unpaid committee, elected by club members.

In 1871, the Victorian Government appointed the VRC as trustees of a site of 352 acres (1.4 km²) of Crown Land, next to the Maribyrnong River, which became known as Flemington Racecourse. Much of the early success of the VRC is attributed to the administration of the first Secretary of the club, R. C. Bagot and his successors H. Byron Moore and A. V. Kewney.