105A Management of gaming machine profits bank account

(1)

The holder of a class 4 operator’s licence must not meet the costs of the class 4 gambling operation or apply funds to, or distribute funds for, authorised purposes except from a dedicated account for gaming machine profits referred to in section 104(1) or 105(1).

(2)

Unless the Secretary gives consent to some or all of the gaming machine profits, interest, investment return, and any gain above the book value from the sale of gambling assets being transferred to another bank account, the gaming machine profits, interest, investment return, and any gain above the book value from the sale of gambling assets must remain in the account for the gaming machine profits until the class 4 operator either—

(a)

uses the gaming machine profits, interest, investment return, and any gain above the book value from the sale of gambling assets to meet the costs of the class 4 gambling operation; or

(b)

applies the gaming machine profits, interest, investment return, and any gain above the book value from the sale of gambling assets to, or distributes the gaming machine profits, interest, investment return, and any gain above the book value from the sale of gambling assets for, authorised purposes.

(3)

A holder of a class 4 operator’s licence who contravenes this section commits an offence and is liable on conviction to a fine not exceeding $5,000.

Section 105A: inserted, on 3 March 2015, by section 62 of the Gambling Amendment Act 2015 (2015 No 3).