New Zealand Legislation: Acts
Acts are laws made by Parliament
(1) The Board may, during or after a racing year, pay to the racing codes amounts representing parts of the amount to be distributed among the codes for that year under section 16.
(2) As soon as practicable after the amount to be distributed among the racing codes for a racing year under section 16 has been determined, the Board must pay to each code the amount arrived at by deducting from the amount due to the code under section 16(3) the total of the amounts paid to the code for that year under subsection (1).
(3) Despite subsection (2), the Board may withhold all or any part of the amount to be distributed to a code if it has not yet approved the code's statement of intent and business plan under section 23.
(4) If, for any racing year, the total of the amounts paid to a racing code under subsection (1) exceeds the amount due to the code under section 16(3), the amount of the difference is a debt due from the code to the Board, and the Board may—
(a) require the code to repay the debt; or
(b) recover the debt by deducting it from the amounts payable to the code under subsections (1) and (2) for any subsequent racing year.