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GAMBLING REGULATION AMENDMENT (LICENSING) ACT 2008 (NO. 40 OF 2008) - SECT 10

Dividends

After section 4.6.2(3) of the Principal Act insert

    "(4)     The wagering and betting licensee, after deduction of the wagering and betting licensee's commissions under section 4.6.1(2), must pay by way of dividends all money invested in totalisators conducted by the wagering and betting licensee on a wagering event or wagering events.

    (5)     If no person nominates the winning combination in a totalisator conducted by the wagering and betting licensee, the wagering and betting licensee may, unless otherwise directed by the Commission, transfer the money that would have been payable as dividends in that totalisator to be added to the money to form part of the money available for dividends in respect of a subsequent totalisator conducted by the wagering and betting licensee.

    (6)     If, but for this subsection, a dividend would include a fraction of 10 cents—

        (a)     if the fraction is less than 5 cents, the wagering and betting licensee is not required to include the fraction in the dividend; and

        (b)     if the fraction is 5 cents or more, the wagering and betting licensee is required to include 5 cents in the dividend.".



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