247 Lottery proceeds

(1)

Every selling agent of tickets in a New Zealand lottery must pay the proceeds that the agent accrues from the sale of tickets in the lottery, at times or intervals determined by the Lotteries Commission, into such account opened by the Commission as the Commission directs.

(2)

A selling agent may however deduct money from those proceeds as authorised by the Lotteries Commission.

(3)

The Lotteries Commission must keep those proceeds in the account, or invest them in accordance with the provisions of the Trustee Act 1956 as to the investment of trust funds, until they are dealt with under section 263.

(4)

Any interest accruing from an investment under subsection (3), or any proceeds from the realisation of such an investment, must be paid into the account referred to in subsection (1) and treated as part of the lottery proceeds on which the interest or realisation was accrued.

Compare: 1977 No 84 s 94

Section 247(1): amended, on 25 January 2005, by section 200 of the Crown Entities Act 2004 (2004 No 115).