(1) In section 94A(1AA) of the Racing Act 1958 insert the following definition—
"" bond "includes a guarantee;".
(2) In section 94A(1AA) of the Racing Act 1958 , for the definition of determined amount substitute —
" determined amount , in relation to a bond, class of registered bookmaker or class of wager, means the amount determined by Order under subsection (2B) in respect of that bond, class of registered bookmaker or class of wager.".
(3) In section 94A(1AA) of the Racing Act 1958 the definition of registered bookmaker is repealed .
(4) For section 94A(1) of the Racing Act 1958 substitute —
"(1) The Commission, with the approval of the Minister, may—
(a) arrange with the Victorian Bookmakers Association Limited ACN 004 236 677 ( the Company ) for the Company to lodge with the Commission a bond in the determined amount, in the circumstances and to the extent provided by this section, to satisfy defaults made by registered bookmakers or their approved substitutes in the payment of wagers to persons betting with them in accordance with section 4, a club betting permit or section 2.5.10 of the Gambling Regulation Act 2003 ; or
(b) require a registered bookmaker to make arrangements satisfactory to the Commission for the lodgement of a bond in the determined amount to satisfy defaults made by the bookmaker or the bookmaker's approved substitute.".
(5) In section 94A(2) of the Racing Act 1958 —
(a) after "bond" insert "under subsection (1)(a)";
(b) for "Committee" (where first occurring) substitute "Commission";
(c) for "chairman of the Committee" substitute "Commission".
(6) For section 94A(2A) of the Racing Act 1958 substitute —
"(2A) A bond under subsection (1)(a) may limit the liability of the Company —
(a) in relation to each registered bookmaker who is a member of a class determined by Order under subsection (2B), to the payment, in respect of all defaults by that registered bookmaker in the payment of wagers (not being defaults to which paragraph (b) applies)—
(i) of a total amount of not less than the determined amount in respect of that class of registered bookmaker; or
(ii) if the registered bookmaker is a member of more than one class, of a total amount of not less than the highest determined amount in respect of those classes of registered bookmaker; and
(b) in relation to each registered bookmaker, to the payment, in respect of all defaults by that registered bookmaker in the payment of wagers of a class determined by Order under subsection (2B), of a total amount of not less than the determined amount in respect of that class of wager.".
(7) For section 94A(2B) of the Racing Act 1958 substitute —
"(2B) The Governor in Council, by Order published in the Government Gazette, may determine for the purposes of this section—
(a) the amount of a bond referred to in subsection (1)(a) or (b); and
(b) classes of registered bookmaker and an amount in respect of each class ; and
(c) classes of wager and an amount in respect of each class.".
(8) In section 94A(3) of the Racing Act 1958 , after "bond" (where first occurring) insert "under subsection (1)(a)".
(9) In section 94A(4) of the Racing Act 1958 omit "or an approved bookmaking company".
(10) In section 94A(5)(a) of the Racing Act 1958 omit "or the approved bookmaking company,".
(11) In section 94A(5)(b) of the Racing Act 1958 omit "or the approved bookmaking company,".
(12) In section 94A(5A) of the Racing Act 1958 —
(a) omit "or the approval of an approved bookmaking company";
(b) for "Committee" (wherever occurring) substitute "Commission".
(13) In section 94A(5A)(b) of the Racing Act 1958 omit "or the approved bookmaking company,".
(14) In section 94A(5B) of the Racing Act 1958 omit "or an approved bookmaking company,".
(15) In section 94A(5B)(b)(i) of the Racing Act 1958 omit "or approved bookmaking company's approval,".
(16) In section 94A(5B)(b)(ii) of the Racing Act 1958 omit "or the approved bookmaking company,".
(17) In section 94A(5C) of the Racing Act 1958 , for "Committee" substitute "Commission".
(18) In section 94A(5D) of the Racing Act 1958
—
s. 17
(a) for "Committee" (wherever occurring) substitute "Commission";
(b) omit "or an approved bookmaking company,".
(19) In section 94A(6) of the Racing Act 1958 , for "Committee" substitute "Commission".
(20) In section 94A(7) of the Racing Act 1958 —
(a) omit "or an approved bookmaking company,";
(b) for "Committee" substitute "Commission".
(21) In section 94A(8) of the Racing Act 1958 , for "Committee" (wherever occurring) substitute "Commission".
(22) In section 94A(10) of the Racing Act 1958 , for "Committee" (wherever occurring) substitute "Commission".
(23) In section 94A(11) of the Racing Act 1958 , in the definition of "relevant authority"—
(a) in paragraph (a), for "4(1)(a)"
substitute "4(4)(a)";
s. 17
(b) in paragraph (b), for "4(1)(b)" substitute "4(4)(b)".
__________________
See:
Act
No.
114/2003.
Reprint
No. 2
as
at
1 October
2007
and
amending
Act Nos 16/2004,
39/2007, 72/2007, 4/2008, 12/2008 and
40/2008.
LawToday:
www.
legislation.
vic.gov.au