252 Lottery prize fund

(1)

All the money that constitutes the prize fund of a New Zealand lottery must be paid into a lottery prize fund account.

(2)

The Lotteries Commission must pay out of the lottery prize fund account the prizes set for the relevant type of lottery in accordance with rules made under section 243 and any provisions specified by the Minister under section 244(1)(a).

(3)

The money kept in the lottery prize fund account may be applied only towards the payment of prizes in New Zealand lotteries, except as provided in subsection (4).

(4)

The Lotteries Commission may invest any money kept in the lottery prize fund account that is not immediately required for the payment of prizes—

(a)

in any securities in which trust funds may be invested by the trustees in accordance with the Trustee Act 1956 or in accordance with any other statutory authority; or

(b)

in any other manner that the Commission determines with the approval of the Minister.

(5)

Any interest accruing from those investments, and any proceeds from the realisation of the investments,—

(a)

must be paid into the lottery prize fund account; and

(b)

forms, in accordance with any rules made under section 243 and any provisions specified by the Minister under section 244(1)(a), a prize pool for any lottery conducted at a later date.

Compare: 1977 No 84 s 101