Victorian Current Acts Victorian Current ActsS. 4.8.2(1) amended by No. 64/2014 s. 39(3)(a), repealed by No. 28/2022 s. 101(a).
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S. 4.8.2(1A) inserted by No. 40/2008 s. 16(2), amended by No. 13/2023 s. 76.
(1A) A wagering and betting licensee must—
S. 4.8.2(1A)(a) amended by No. 64/2014 s. 39(3)(a)(i).
(a) keep and maintain separate accounts—
(i) for amounts invested in wagering;
(ii) for amounts invested in approved betting competitions—
as approved by the Commission, at an ADI or ADIs in the State for use for all banking transactions arising under this Chapter in relation to the wagering and betting licensee; and
S. 4.8.2(1A)(b) amended by No. 64/2014 s. 39(3)(a)(ii).
(b) from time to time provide the Commission, as required, and in a form approved by the Commission, with a written authority addressed to the ADI referred to in paragraph (a) authorising the ADI to comply with any requirements of an inspector exercising the powers conferred by this section.
Penalty: 100 penalty units.
S. 4.8.2(1B) inserted by No. 32/2012 s. 14.
(1B) An account referred to in subsection (1A)(a)(i) or (ii) may, in addition to the amounts referred to in that subsection, contain any other amounts approved by the Commission.
(2) The holder of a permit must—
S. 4.8.2(2)(a) amended by No. 64/2014 s. 39(3)(b).
(a) keep and maintain an account for amounts invested in wagering as approved by the Commission, at an ADI in the State for use for all banking transactions arising under this Chapter in relation to the permit holder; and
S. 4.8.2(2)(b) amended by No. 64/2014 s. 39(3)(b).
(b) from time to time provide the Commission, as required, and in a form approved by the Commission, with a written authority addressed to the ADI authorising the ADI to comply with any requirements of an inspector exercising the powers conferred by this section.
Penalty: 100 penalty units.
S. 4.8.2(3) amended by Nos 64/2014 s. 39(3)(b), 28/2022 s. 101(b).
(3) An inspector, by notice in writing, may require the manager or other principal officer of an ADI referred to in subsection (1A) or (2) to provide the inspector with a statement of an account referred to in that section and such other particulars relating to the account as may be specified in the notice.
(4) A person to whom a notice is given under subsection (3) must comply with the notice.
Penalty: 60 penalty units.
(5) An inspector may not exercise the powers conferred by this section without the prior written approval of the Commission.