111 Application or distribution of net proceeds when corporate society ceases class 4 gambling

(1)

A corporate society that has not operated class 4 gambling for a period of more than 4 weeks must, unless it has notified the Secretary and the Secretary has agreed that it may remain inactive for a further specified period,—

(a)

report to the Secretary within 20 working days of the end of that 4-week period on how and when it proposes to apply or distribute the remaining net proceeds to or for authorised purposes; and

(b)

promptly sell all gambling assets and apply or distribute any gain above the book value from the sale of gambling assets to or for authorised purposes; and

(c)

promptly apply or distribute all other remaining net proceeds from its conduct of class 4 gambling to or for authorised purposes.

(1A)

A corporate society that has applied or distributed net proceeds in accordance with subsection (1)(b) or (c) must report to the Secretary on the relevant standard form, within 5 working days of the application or distribution to or for authorised purposes, on—

(a)

any gain above the book value from the sale of gambling assets; and

(b)

the final application or distribution of net proceeds from class 4 gambling under subsection (1).

(2)

A corporate society that fails to comply with this section commits an offence and is liable on conviction to a fine not exceeding $10,000.

Section 111(1): replaced, on 3 March 2015, by section 67 of the Gambling Amendment Act 2015 (2015 No 3).

Section 111(1A): inserted, on 3 March 2015, by section 67 of the Gambling Amendment Act 2015 (2015 No 3).

Section 111(2): amended, on 1 July 2013, by section 413 of the Criminal Procedure Act 2011 (2011 No 81).