288 Loans to Lotteries Commission

(1)

Despite section 287, the Board may authorise the Secretary to advance any profits of New Zealand lotteries, pending their distribution under section 277, to the Lotteries Commission to enable the Commission to perform and exercise its functions and powers under subpart 2.

(2)

Any such advance may be made by the Secretary, with or without security, at rates of interest determined by the Board.

(3)

The Board may guarantee, with or without security, advances made to the Lotteries Commission by any other person under section 260.

(4)

Any money required to be paid by the Secretary by virtue of a guarantee given by the Board under subsection (3) is to be paid by the Secretary out of the undistributed profits of New Zealand lotteries.

Compare: 1977 No 84 s 116W