New Zealand Legislation: Acts
Acts are laws made by Parliament
(1) The Board must, as soon as practicable following the end of a racing year, determine the amount to be distributed among the racing codes for that year from any surpluses referred to in sections 53(2) and 57(2), or any other source whether capital or income.
(2) Unless a majority of the racing codes otherwise agrees in writing, the amount referred to in subsection (1) must be not less than the total of the surpluses referred to in sections 53(2) and 57(2) for that racing year less the total amount credited to reserves for that year from those surpluses.
(3) Unless a majority of the racing codes otherwise agrees in writing, the amount referred to in subsection (1) must be distributed among the racing codes in the same proportions that the Board considers are the proportions to which the codes contributed to the New Zealand turnover of the Board for that racing year.
(4) In subsection (3), New Zealand turnover of the Board means the total gross amount received by the Board from racing betting placed in New Zealand on races run in New Zealand.
