Racing Amendment Act 1995
Racing Amendment Act 1995
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Racing Amendment Act 1995
Racing Amendment Act 1995
Public Act |
1995 No 78 |
|
Date of assent |
15 December 1995 |
|
Contents
An Act to amend the Racing Act 1971
BE IT ENACTED by the Parliament of New Zealand as follows:
1 Short Title and commencement
(1)
This Act may be cited as the Racing Amendment Act 1995, and shall be read together with and deemed part of the Racing Act 1971 (hereinafter referred to as the principal Act).
(2)
Sections 19, 24, 37, 39, and 44 of this Act shall come into force on a date to be fixed by the Governor-General by Order in Council.
(3)
Except as provided in subsection (2) of this section, this Act shall come into force on the date on which it receives the Royal assent.
2 Interpretation
(1)
Section 2(1) of the principal Act is hereby amended by inserting, after the definition or the term “Amenities Account”
, the following definitions:
“‘Appeals Tribunal’ means any Appeals Tribunal established by the appointment of members to it pursuant to section 99zi of this Act:
“‘Authority’ means the Judicial Control Authority established by section 99u of this Act:
“‘Bet’ includes a selection or selections made by or with the assistance of the Board’s computer equipment:”.
(2)
Section 2(1) of the principal Act is hereby amended by repealing the definition of the term “Harness Racing Conference”
(as inserted by section 2(2) of the Racing Amendment Act 1992), and substituting the following definition:
“‘Harness Racing New Zealand’ means the Conference of Harness Racing New Zealand:”.
(3)
Section 2(1) of the principal Act is hereby amended by inserting, after the definition of the term “intertrack betting”
(as inserted by section 2(2) of the Racing Amendment Act 1986), the following definition:
“‘Judicial Committee’ means any Judicial Committee established by the appointment of members to it pursuant to section 99zi of this Act:”.
(4)
Section 2(1) of the principal Act is hereby amended by repealing the definition of the term “off-course totalisator”
, and substituting the following definition:
“‘Off-course totalisator’ means any parimutuel machine, apparatus, method, or system used or intended to be used by the Board—
“(a)
For the purpose of registering the amount of money bet on the result of a race or races, or on the outcome of any other event in respect of which betting is authorised by or pursuant to this Act; or
“(b)
For any other purpose authorised by or pursuant to this Act:”.
(5)
Section 2(1) of the principal Act is hereby amended by repealing paragraph (a)(ii) of the definition of the term “recognised industry organisation”
(as inserted by section 2(2) of the Racing Amendment Act 1992), and substituting the following subparagraph:
“(ii)
The New Zealand Racehorse Owners Federation (Incorporated); and”.
(6)
Section 2(1) of the principal Act is hereby amended by repealing paragraph (b)(i) of the definition of the term “recognised industry organisation”
(as so inserted), and substituting the following subparagraph:
“(i)
Harness Racing New Zealand; and”.
(7)
Section 2(1) of the principal Act is hereby amended by repealing the definition of the term “totalisator”
, and substituting the following definition:
“‘Totalisator’ means the parimutuel machine, apparatus, or method commonly known as the totalisator; and includes—
“(a)
Any other parimutuel machine, equipment, apparatus, or method used or intended to be used for the purpose of registering the amount of money bet on the result of a race or races, or on the outcome of any other event in respect of which betting is authorised by or pursuant to this Act:
“(b)
Every parimutuel machine, equipment, apparatus, or method used or intended to be used for the purpose of registering betting in respect of a separate class of pool:
“(c)
Any parimutuel system or part of a system used or intended to be used for either or both of those purposes—
and also includes any such machine, equipment, apparatus, or method used or intended to be used for any other purpose authorised by or pursuant to this Act:”.
(8)
The principal Act is hereby amended by omitting the words “the Harness Racing Conference”
wherever they occur, and substituting in each case the words “Harness Racing New Zealand”
.
(9)
Every reference in the principal Act to the Executive Committee in relation to Harness Racing New Zealand shall be read as a reference to the Executive of Harness Racing New Zealand.
(10)
The following enactments are hereby consequentially repealed:
(a)
Section 2(1)(b) and (f) of the Racing Amendment Act 1983:
(b)
Section 2(4)(a) of the Racing Amendment Act 1992.
3 Membership of Industry Board
(1)
The principal Act is hereby amended by repealing section 4 (as substituted by section 4(1) of the Racing Amendment Act 1992), and substituting the following section:
“4.
“(1)
The Industry Board shall consist of 10 members, who shall be appointed by the Minister, comprising—
“(a)
One person, acceptable to the Minister, on the nomination of the Executive Committee of the Racing Conference:
“(b)
One person, acceptable to the Minister, on the nomination of the Executive of Harness Racing New Zealand:
“(c)
One person, acceptable to the Minister, on the nomination of the Executive Committee of the Greyhound Racing Association:
“(d)
Seven persons, acceptable to the Minister, each to be nominated by the Executive or Executive Committee of one or more recognised industry organisations or by any other organisation or person.
“(2)
The Minister shall appoint a person to be a member of the Industry Board, under subsection (1) of this section, only if the Minister is satisfied that the person is qualified to be a member by virtue of the person’s—
“(a)
Knowledge of, or experience in, the racing industry; or
“(b)
Expertise in business, marketing, or economics.
“(3)
The Minister shall appoint one of the members as President and another member as Vice-President.
“(4)
Notwithstanding subsections (1) and (2) of this section, not less than 6 members of the Industry Board shall have knowledge of or expertise in the racing industry, and, in making appointments to the Industry Board, the Minister shall have regard to the various racing interests.
“(5)
Before appointing any member pursuant to paragraph (a) or paragraph (b) or paragraph (c) of subsection (1) of this section, the Minister shall consult the President and Vice-President of the Industry Board about the proposed appointment.
“(6)
No person who is—
“(a)
A member of the Executive Committee of the Racing Conference; or
“(b)
A member of the Executive of Harness Racing New Zealand; or
“(c)
A member of the Executive Committee of the Greyhound Racing Association—
may be appointed as a member of the Industry Board unless he or she resigns from the Executive or Executive Committee, as the case may be, before taking up the appointment.
“(7)
Not more than 2 members of the Industry Board may also hold office as a member of the Totalisator Agency Board.”
(2)
Section 4 of the Racing Amendment Act 1992 is hereby consequentially repealed.
(3)
Notwithstanding subsections (1) and (2) of this section, every person who, immediately before the commencement of this section, held office as a member of the Industry Board, shall, on the commencement of this section, continue to hold office for the remainder of the term for which he or she was appointed or until the 31st day of December 1997, whichever first occurs, unless sooner vacating office under section 6 of the principal Act; and any appointment to replace that member may be made under any provision of section 4(1) of the principal Act (as substituted by subsection (1) of this section).
4 Functions of Industry Board
(1)
The principal Act is hereby amended by repealing section 12, and substituting the following section:
“12.
The general functions of the Industry Board shall be—
“(a)
To initiate, develop, implement, or recommend such policies as will in its opinion be conducive to—
“(i)
The economic development and the financial welfare of racing, harness racing, and greyhound racing in New Zealand, and the financial security of those New Zealanders, and New Zealand organisations, whose livelihoods are derived from or in connection with racing, harness racing, and greyhound racing, in New Zealand and overseas; and
“(ii)
The public interest in matters relating to racing, harness racing, and greyhound racing, including the maintenance and improvement of the standard of facilities and amenities for the benefit of the public:
“(b)
To administer the Distribution Account:
“(c)
To administer the Amenities Account:
“(d)
To administer the Stakes Subsidy Account:
“(e)
To administer the General Purposes Account:
“(f)
To administer the Marketing Account:
“(g)
When necessary, to initiate the alteration, rescission, or making of any rule of racing, harness racing, or greyhound racing:
“(h)
To allocate and issue totalisator licences in accordance with sections 37 to 37d of this Act, and to issue equalisator licences in accordance with section 48 of this Act:
“(i)
To approve additional bet types in accordance with sections 38, 61b, and 93 of this Act:
“(j)
To fix the rates of deductions from betting for the purposes of the Amenities Account, the Stakes Subsidy Account, the On-course Development Account, and the Marketing Account, and to determine the rates of commission, in accordance with sections 42, 61g, and 97 of this Act:
“(k)
To undertake an ongoing review of the role, responsibility, and performance of the Totalisator Agency Board:
“(l)
To be accountable to recognised industry organisations for the performance of its functions:
“(m)
Without derogating from the independence of any recognised industry organisation, to undertake reorganisation of the administration of racing, harness racing, and greyhound racing, to increase efficiency and profitability:
“(n)
To develop and implement programmes for the provision of—
“(i)
Advice to bettors of the availability of services providing help for problem gambling:
“(ii)
Racing industry awareness training for the recognition of problem gamblers:
“(iii)
Targeted information for classes of bettors known to be at risk from problem gambling:
“(iv)
Co-operative community awareness campaigns relating to problem gambling.”
(2)
The following enactments are hereby consequentially repealed:
(a)
Section 3 of the Racing Amendment Act 1980:
(b)
Section 8 of the Racing Amendment Act 1992.
5 Industry Board to consult with parties
(1)
The principal Act is hereby amended by repealing section 14, and substituting the following section:
“14.
“(1)
In relation to—
“(a)
The exercise of its functions and powers under sections 12, 13, and 31a of this Act; or
“(b)
Any other matter concerning the welfare of racing generally—
the Industry Board may call for submissions from, and consult with, the recognised industry organisations and any other person or organisation whose livelihood is derived from or in connection with racing, harness racing, or greyhound racing, to the extent the Industry Board considers appropriate.
“(2)
In respect of its business plan and accountability processes, the Industry Board—
“(a)
Shall consult with authorised representatives of the Racing Conference, Harness Racing New Zealand, the Greyhound Racing Association, and the Board, or any council or other body comprising representatives of those organisations:
“(b)
May call for submissions from, and consult with, the other recognised industry organisations and any other person or organisation whose livelihood is derived from or in connection with racing, harness racing, or greyhound racing, to the extent the Industry Board considers appropriate.”
(2)
Section 10 of the Racing Amendment Act 1992 is hereby consequentially repealed.
6 Accounts and audit
The principal Act is hereby amended by repealing section 21, and substituting the following section:
“21.
“(1)
The Industry Board shall as soon as practicable after the end of each financial year prepare financial statements for that financial year.
“(2)
The annual financial statements shall be prepared in accordance with generally accepted accounting practice and shall include—
“(a)
A statement of the Industry Board’s financial position at its balance date; and
“(b)
An operating statement reflecting its revenue and expenses for the financial year; and
“(c)
A statement of cash flows reflecting its cash flows for the financial year; and
“(d)
A statement specifying the financial performance to be achieved during the financial year as established at the beginning of the financial year; and
“(e)
A statement of the Industry Board’s commitments as at the balance date; and
“(f)
A statement of its contingent liabilities as at the balance date; and
“(g)
A statement of accounting policies; and
“(h)
Such other statements as are necessary to fairly reflect the financial operations of the Industry Board for the financial year and its financial position at the end of the year; and
“(i)
Comparative actual figures for the previous financial year in relation to such of the matters specified in paragraphs (a) to (f) and (h) of this subsection as are appropriate; and
“(j)
Budgeted figures for the financial year in relation to such of the matters specified in paragraphs (a) to (c) and (h) of this subsection as are appropriate.
“(3)
The Industry Board shall, not later than 120 days after the end of the financial year, forward the annual financial statements to a chartered accountant in public practice for audit.”
7 Annual report
The principal Act is hereby amended by repealing section 22, and substituting the following section:
“22.
“(1)
The Industry Board shall, as soon as practicable after the end of each financial year, deliver to the Minister, the Racing Conference, Harness Racing New Zealand, and the Greyhound Racing Association a report of its proceedings and operations during that year.
“(2)
The annual report shall include—
“(a)
The financial statements of the Industry Board and the audit report on those statements; and
“(b)
In particular, information on the development and implementation, pursuant to section 12(n) of this Act, of programmes relating to problem gambling.
“(3)
The Minister shall lay the report and statements before the House of Representatives not later than 6 sitting days after the return of the financial statements by the auditor to the Industry Board.
“(4)
Where the report and statements have not been laid before the House of Representatives within 3 weeks after the return of the financial statements by the auditor to the Industry Board, the Minister shall cause them to be published not later than 3 weeks after they have been returned, and shall arrange for publication in the Gazette of a notice that they have been published.”
8 Statement of intent
The principal Act is hereby amended by inserting, after section 22, the following section:
“22a.
“(1)
The Industry Board shall deliver to the Minister, on or before the date of commencement of each financial year, a statement of intent relating to that financial year and each of the 2 following financial years.
“(2)
The statement of intent shall specify, in respect of each financial year to which it relates,—
“(a)
The objectives of the Industry Board:
“(b)
The nature and scope of the activities to be undertaken:
“(c)
The performance targets and other measures by which its performance may be judged in relation to its objectives:
“(d)
A statement of accounting policies.
“(3)
The Minister shall lay the statement of intent before the House of Representatives not later than 6 sitting days after it has been received by the Minister.”
9 Distribution Account
(1)
Section 26(2) of the principal Act is hereby amended by omitting the expression “section 81”
, and substituting the expression “sections 81, 99f, and 99p”
.
(2)
Section 26 of the principal Act is hereby amended by inserting, after subsection (2), the following subsection:
“(2a)
The Industry Board shall ensure that the Authority receives such sums of money as are required for the effective carrying out and exercise of the functions, powers, and duties of the Authority, Appeals Tribunals, and Judicial Committees; and, if necessary, shall from time to time make payments from the Distribution Account for that purpose.”
(3)
Section 26(4) of the principal Act is hereby amended by inserting, after the word “distribution”
, the words “after making any payments under subsection (2a) of this section”
.
10 General Purposes Account
(1)
Section 26b of the principal Act (as inserted by section 8 of the Racing Amendment Act 1980) is hereby amended by repealing subsection (3), and substituting the following subsection:
“(3)
The Industry Board may from time to time, out of the General Purposes Account,—
“(a)
Make money available for projects or schemes which, in the opinion of the Industry Board, are being or will be implemented in the interests of racing, harness racing, or greyhound racing:
“(b)
Refund to totalisator clubs money expended by them in paying minimum dividends in accordance with section 44a of this Act:
“(c)
Make grants to any totalisator club or restricted totalisator club for any purpose:
“(d)
Make grants for the purpose of education, training, and the implementation of personnel programmes for all sectors of the racing industry:
“(e)
Expend money for the purpose of establishing a comprehensive racing industry drug detection system:
“(f)
Make grants for the purpose of equine research:
“(g)
Make grants to any person or organisation for the purpose of research into addiction to gambling or of the counselling or rehabilitation of persons addicted to gambling:
“(h)
Make grants to the Hillary Commission for Sport, Fitness, and Leisure.”
(2)
The following enactments are hereby consequentially repealed:
(a)
Section 4 of the Racing Amendment Act 1986:
(b)
Section 12 of the Racing Amendment Act 1992.
11 Powers, etc., of Conferences
(1)
Section 28(1)(b) of the principal Act is hereby repealed.
(2)
Section 28 of the principal Act is hereby amended by repealing subsection (2), and substituting the following subsections:
“(2)
Harness Racing New Zealand is the organisation known as the New Zealand Trotting Conference immediately before the commencement of this Act.
“(3)
The Racing Conference, Harness Racing New Zealand, and the Greyhound Racing Association shall have such powers, functions, and duties as are from time to time provided for in the rules of racing, the rules of harness racing, or the rules of greyhound racing, or any regulations in force under those rules, as the case may be.”
12 New sections substituted
(1)
The principal Act is hereby amended by repealing sections 31a to 31c (as inserted by section 13 of the Racing Amendment Act 1992), and substituting the following sections:
“31a. Powers of Industry Board in relation to rules
“(1)
Notwithstanding anything in section 30 or section 31 of this Act, where the Industry Board considers that—
“(a)
The economic development and financial welfare of racing nationally or internationally; or
“(b)
The training requirements or administrative welfare of the racing industry or the welfare of the racing industry generally; or
“(c)
The competitiveness of racing in the entertainment market; or
“(d)
The image of racing; or
“(e)
The integrity of racing—
requires any rule of racing, harness racing, or greyhound racing to be altered or rescinded, or requires any new rule to be made, the Industry Board, after consultation with the appropriate recognised industry organisations, may give written notice to the Racing Conference, Harness Racing New Zealand, or the Greyhound Racing Association, as the case may require, requiring the rule to be altered or rescinded, or requiring the new rule to be made, as specified in the notice.
“(2)
On receipt of a written notice under subsection (1) of this section, the Racing Conference, Harness Racing New Zealand, or the Greyhound Racing Association, as the case may be, unless an objection is lodged in accordance with section 31b of this Act, shall alter or rescind the rule, or make a new rule, in accordance with the direction in the notice, within 3 months after the date of receipt of the notice.
“31b. Right of objection to Minister
“(1)
Within 1 month after receipt of a notice under section 31a of this Act, the Executive or Executive Committee of the Racing Conference, Harness Racing New Zealand, or the Greyhound Racing Association, as the case may be, may object in writing to the Minister against all or any part of the requirement specified in the notice.
“(2)
On receipt of a written objection under subsection (1) of this section, the Minister may confirm, modify, or cancel the requirement and shall give notice in writing of the decision to the Industry Board and the objector giving reasons for the decision.
“(3)
If the Minister’s decision confirms or modifies the requirement, the objector shall alter or rescind the rule, or make the new rule, in accordance with the confirmed or modified requirement within 3 months after the date of receipt of the Minister’s decision.
“31c. When amendment to rules takes effect
Where notice of a requirement has been given under section 31a of this Act, or a notice of decision confirming or modifying a requirement has been given under section 31b of this Act, the alteration or rescission of the rule, or the new rule, specified in the notice shall take effect—
“(a)
On the date on which the Racing Conference, Harness Racing New Zealand, or the Greyhound Racing Association, as the case may be, alters or rescinds the rule, or makes the new rule, in accordance with the requirement or decision; or
“(b)
Three months after the date on which notice of the requirement or, where applicable, notice of the decision was received by the Racing Conference, Harness Racing New Zealand, or the Greyhound Racing Association, as the case may be (notwithstanding that the requirement or decision has not been implemented)—
whichever is the earlier date, and shall be binding on the Conference or Association concerned, on all racing clubs comprising the Conference or Association, and on all persons and bodies who or which are bound by the rules of racing, the rules of harness racing, or the rules of greyhound racing, as the case may be.”
(2)
Section 13 of the Racing Amendment Act 1992 is hereby consequentially repealed.
13 Dissolution of club
Section 34 of the principal Act is hereby amended—
(a)
By omitting from subsection (1) the words “the Minister after consultation with”
:
(b)
By omitting from subsection (2) the word “Minister”
, and substituting the words “Industry Board”
:
(c)
By omitting from subsection (3) the words “the Minister after consultation with”
.
14 Allocation of licences
(1)
Section 37(2) of the principal Act (as substituted by section 15(1) of the Racing Amendment Act 1992) is hereby amended—
(a)
By omitting the words “The Board”
, and substituting the words “The Industry Board”
:
(b)
By omitting the words “60 days”
, and substituting the words “30 days”
.
(2)
Section 37 of the principal Act is hereby amended by adding the following subsection:
“(5)
Notwithstanding subsection (3) of this section, the Industry Board, after consultation with the Board and the appropriate recognised industry organisations, may issue additional licences after the 30th day of June in any year to such racing clubs and on such conditions as it considers appropriate.”
15 Alteration of allocation
The principal Act is hereby amended by repealing section 37a (as substituted by section 15 of the Racing Amendment Act 1992), and substituting the following section:
“37a.
“(1)
A racing club may at any time apply to the Industry Board for the alteration of any allocation made under section 37 of this Act in respect of any matter set out in subsection (1) of that section or any related matter.
“(2)
The Industry Board may, of its own motion, consider altering any allocation made under section 37 of this Act—
“(a)
In respect of any matter set out in subsection (1) of that section or any related matter; or
“(b)
To correct any error made in the allocation; or
“(c)
To make any other change which the Industry Board considers of benefit generally.
“(3)
On receiving an application under subsection (1) of this section, or in considering any alteration under subsection (2) of this section, the Industry Board may, if it considers it desirable after consultation with directly affected clubs, alter the allocation accordingly.”
16 Issue and revocation of licences
Section 37b of the principal Act (as substituted by section 15 of the Racing Amendment Act 1992) is hereby amended by repealing subsection (1), and substituting the following subsection:
“(l)
The Industry Board shall issue to any racing club to which a licence has been allocated, the allocated licence.”
17 Application of provisions to restricted totalisator licences
Section 37d of the principal Act (as enacted by section 15(1) of the Racing Amendment Act 1992) is hereby amended by omitting the expression “,57,”
.
18 Use of totalisator
(1)
The principal Act is hereby amended by repealing section 38, and substituting the following section:
“38.
(1)
Subject to the provisions of this Act, any totalisator club or restricted totalisator club, or the Board or any subcontractor of the Board (acting pursuant to a contract or arrangement entered into under section 83a of this Act), may use the totalisator—
“(a)
For the purpose of—
“(i)
Win betting:
“(ii)
Place betting:
“(iii)
Double betting in respect of the divisions of a race which is run in not more than 2 divisions or any 2 races conducted by the club on the same day at the same racecourse:
“(iv)
Forecast betting and quinella betting:
“(v)
Trifecta betting:
“(vi)
Treble betting in respect of any 3 races (including the divisions of a race which is run in not more than 2 divisions) conducted by the club on the same day at the same racecourse:
“(vii)
Such other forms of betting as the Industry Board may from time to time authorise:
“(viii)
Any other type of betting on the outcome of any event in respect of which betting is authorised by or pursuant to this Act:
“(b)
For any other purpose authorised by or pursuant to this Act.
“(2)
Every authorisation given by the Industry Board under subsection (1)(a)(vii) of this section shall be subject to such terms and conditions as the Industry Board thinks fit to impose.
“(3)
Notwithstanding anything in section 44 of this Act, in specifying terms and conditions under subsection (2) of this section, the Industry Board may authorise an amount not exceeding 10 percent of the total amount of betting to be withheld from the dividend pool for the purpose of supplementing the dividend pool when the approved form of betting is offered on subsequent occasions.”
(2)
The following enactments are hereby consequentially repealed:
(a)
Section 17 of the Racing Amendment Act 1977:
(b)
Section 7 of the Racing Amendment Act 1986:
(c)
Section 16 of the Racing Amendment Act 1992.
19 Refund of money bet on totalisator
Section 41(b) of the principal Act is hereby amended by omitting the words “club’s judicial committee”
, and substituting the words “Judicial Committee”
.
20 Deductions from betting
(1)
Section 42(1) of the principal Act (as substituted by section 9(1) of the Racing Amendment Act 1986) is hereby amended by repealing paragraphs (e) and (f), and substituting the following paragraphs:
“(e)
Commission at such percentage rate or rates as the Industry Board from time to time determines of the amount of win betting and place betting:
“(f)
Commission at such percentage rate or rates as the Industry Board from time to time determines of the amount of double betting, forecast betting, quinella betting, trifecta betting, treble betting, and any other form of betting authorised by the Industry Board under section 38(1)(a)(vii) of this Act:”.
(2)
Section 42(2) of the principal Act (as so substituted) is hereby amended by repealing paragraphs (d) and (e), and substituting the following paragraphs:
“(d)
Commission at such percentage rate or rates as the Industry Board from time to time determines of the amount of win betting and place betting:
“(e)
Commission at such percentage rate or rates as the Industry Board from time to time determines of the amount of double betting, forecast betting, quinella betting, trifecta betting, treble betting, and any other form of betting authorised by the Industry Board under section 38(1)(a)(vii) of this Act:”.
(3)
Section 42 of the principal Act (as so substituted) is hereby amended by repealing subsection (5) (as added by section 17(7) of the Racing Amendment Act 1992), and substituting the following subsection:
“(5)
The Industry Board may determine the rates of levies and commission pursuant to subsections (1) and (2) of this section at different rates in respect of different forms of betting for which the use of the totalisator is authorised by or pursuant to section 38 of this Act.”
(4)
Section 42 of the principal Act (as so substituted) is hereby amended by repealing subsections (8) and (9) (as so added), and substituting the following subsections:
“(8)
Before the Industry Board first determines the rates of levies or commission under this section or subsequently varies those rates, the Industry Board shall give not less than 3 months’ written notice of the proposed rates, and of the dividend return to bettors for each form of betting, to every recognised industry organisation.
“(9)
Before the Industry Board first determines the rates of commission under this section or subsequently varies those rates, the Industry Board shall consult with the Board.
“(10)
Every determination of the rates of levies or commission under this section, and the dividend return to bettors for each form of betting, shall be notified by the Industry Board in the Gazette; and any such determination shall not have effect until it has been so notified.”
(5)
Until such time as the first determination of the rates of commission by the Industry Board is notified in the Gazette and takes effect, the rates of commission shall be those which, immediately before the commencement of this subsection, were specified in section 42 of the principal Act.
(6)
Section 17(2) and (5) of the Racing Amendment Act 1992 are hereby consequentially repealed.
21 Minimum dividends
(1)
The principal Act is hereby amended by repealing section 44a, and substituting the following section:
“44a.
Notwithstanding anything in section 44 of this Act, no totalisator club shall, except in such circumstances as the Industry Board may from time to time specify by notice in the Gazette, pay out, by way of dividend, an amount less than the amount invested in respect of any bet on which a dividend is payable.”
(2)
Section 14 of the Racing Amendment Act 1980 is hereby consequentially repealed.
22 Accounts
Section 55(1) of the principal Act is hereby amended by omitting the word “Secretary”
in both places where it occurs, and substituting in each case the words “Industry Board”
.
23 Powers of Inspectors
(1)
Section 60 of the principal Act is hereby amended by inserting, after subsection (4), the following subsection:
“(4a)
Every Inspector shall at all times have the right of entry, for the purposes of inspection, to any premises of the Board, may demand any information the Inspector considers necessary from the persons having control of the premises, and may examine any books, accounts, records, or other documents, or any machine or equipment (including computer equipment and software), used by the Board for any purpose.”
(2)
Section 60 of the principal Act is hereby amended by inserting, after subsection (5), the following subsection:
“(5a)
The provisions of subsections (4) and (4a) of this section shall apply in respect of any form or type of betting authorised by or pursuant to this Act and provided by the Board.”
24 Refund of intertrack bets
Section 61e(b) of the principal Act (as inserted by section 16(1) of the Racing Amendment Act 1986) is hereby amended by omitting the words “judicial committee of the club conducting the race”
, and substituting the words “Judicial Committee”
.
25 Deductions from intertrack betting
(1)
Section 61g(1) of the principal Act (as so inserted) is hereby amended by repealing paragraphs (f) and (g) (as substituted by section 22(1) of the Racing Amendment Act 1992), and substituting the following paragraphs:
“(f)
Commission at such percentage rate or rates as the Industry Board from time to time determines of the amount of win betting and place betting, which shall be payable to the selling club:
“(g)
Commission at such percentage rate or rates as the Industry Board from time to time determines of the amount of double betting, forecast betting, quinella betting, trifecta betting, treble betting, and any other form of betting authorised by the Industry Board under section 38(1)(a)(vii) of this Act, which shall be payable to the selling club:”.
(2)
Section 61g of the principal Act (as so inserted) is hereby amended by repealing subsection (4) (as substituted by section 22(2) of the Racing Amendment Act 1992), and substituting the following subsection:
“(4)
The Industry Board may determine the rates of levy and commission pursuant to subsection (1) of this section at different rates in respect of different forms of betting for which the use of the totalisator is authorised by or pursuant to section 61b of this Act.”
(3)
Section 61g of the principal Act (as so inserted) is hereby amended by repealing subsections (6) and (7) (as so substituted), and substituting the following subsections:
“(6)
Before the Industry Board first determines the rates of levies or commission under this section or subsequently varies those rates, the Industry Board shall give not less than 3 months’ written notice of the proposed rates, and of the dividend return to bettors for each form of betting, to every recognised industry organisation.
“(7)
Before the Industry Board first determines the rates of commission under this section or subsequently varies those rates, the Industry Board shall consult with the Board.
“(8)
Every determination of the rates of levies or commission under this section, and the dividend return to bettors for each form of betting, shall be notified by the Industry Board in the Gazette; and any such determination shall not have effect until it has been so notified.”
(4)
Until such time as the first determination of the rates of commission by the Industry Board is notified in the Gazette and takes effect, the rates of commission shall be those which, immediately before the commencement of this subsection, were specified in section 61g of the principal Act.
26 General functions of Board
(1)
The principal Act is hereby amended by repealing section 62a (as inserted by section 23 of the Racing Amendment Act 1992), and substituting the following section:
“62a.
(1)
The general functions of the Board are—
“(a)
To provide—
“(i)
Off-course betting under section 83 of this Act:
“(ii)
On-course betting pursuant to contracts or arrangements entered into under section 83A of this Act:
“(iii)
Intertrack betting under Part IIIa of this Act:
“(iv)
Such other types of betting as it is authorised to provide by or pursuant to this Act:
“(b)
To provide services for any other purposes in respect of which it is authorised to provide services by or pursuant to this Act:
“(c)
To use its resources, including financial, technical, physical, and human resources, for purposes which, in the opinion of the Board, will directly or indirectly benefit the racing industry:
“(d)
To carry out such other functions conferred on the Board under this Act or any other Act in a manner conducive to the economic development and financial welfare of racing, harness racing, and greyhound racing in New Zealand.
“(2)
In carrying out its functions under subsection (1) of this section, the Board shall be accountable to the Industry Board.”
(2)
Section 23 of the Racing Amendment Act 1992 is hereby consequentially repealed.
27 Repeal of spent provision
Section 62(3) of the principal Act is hereby repealed.
28 Board to consult in respect of business plan, etc.
The principal Act is hereby amended by inserting, after section 62a (as substituted by section 26(1) of this Act), the following section:
“62b.
The Board shall consult with the Industry Board and authorised representatives of the Racing Conference, Harness Racing New Zealand, and the Greyhound Racing Association, or any council or other body comprising representatives of those organisations, in respect of its business plan and accountability processes; and shall ensure that its business plan is consistent with any business plan or strategic plan prepared by the Industry Board.”
29 Membership of Board
(1)
Section 63 of the principal Act (as substituted by section 24(1) of the Racing Amendment Act 1992) is hereby amended by repealing subsection (1), and substituting the following subsection:
“(1)
The Board shall consist of not less than 7 nor more than 8 members, 2 of whom shall be members of the Industry Board, comprising—
“(a)
Two members to be appointed by the Minister, being persons who, in the Minister’s opinion, are qualified to be members by virtue of their knowledge, experience, or expertise in business and administration:
“(b)
One member of the Industry Board, acceptable to the Minister, to be appointed by the Minister on the nomination of the Industry Board:
“(c)
One member, acceptable to the Minister, to be appointed by the Minister on the nomination of one or more recognised industry organisations relating to galloping races:
“(d)
One member, acceptable to the Minister, to be appointed by the Minister on the nomination of one or more recognised industry organisations relating to harness races:
“(e)
One member, acceptable to the Minister, to be appointed by the Minister on the nomination of one or more recognised industry organisations relating to greyhound racing:
“(f)
The chief executive of the Board:
“(g)
One further member, acceptable to the Minister, to be appointed by the Minister on the nomination of the Board, if the Board considers that the appointment of the nominee is justified because of the nominee’s specialised knowledge of, or experience in, any area including, but not limited to, sport, the racing industry, business, marketing, or economics.”
(2)
Section 63(4) of the principal Act (as so substituted) is hereby amended—
(a)
By inserting, after the words “section 4(5) of this Act”
, the words “and subsection (1) of this section”
:
(b)
By omitting the words “appointed as a member of the Agency Board”
, and substituting the words “appointed as a member of the Board unless he or she resigns from the Industry Board or the Executive Committee, as the case may be, before taking up the appointment”
.
(3)
Section 63 of the principal Act (as so substituted) is hereby amended by adding the following subsection:
“(5)
The Minister shall from time to time appoint one of the members of the Board as President and another as Vice-President.”
30 Members not personally liable
The principal Act is hereby amended by inserting, after section 68, the following section:
“68a.
No member of the Board shall be personally liable for any act done or default made by the Board in good faith in the course of its operations.”
31 Accounts and audit
(1)
The principal Act is hereby amended by repealing section 77, and substituting the following section:
“77.
“(1)
The Board shall as soon as practicable after the end of each financial year prepare financial statements for that financial year.
“(2)
The annual financial statements shall be prepared in accordance with generally accepted accounting practice and shall include—
“(a)
A statement of the Board’s financial position at its balance date; and
“(b)
An operating statement reflecting its revenue and expenses for the financial year; and
“(c)
A statement of cash flows reflecting its cash flows for the financial year; and
“(d)
A statement specifying the financial performance to be achieved during the financial year as established at the beginning of the financial year; and
“(e)
A statement of the Board’s commitments as at the balance date; and
“(f)
A statement of its contingent liabilities as at the balance date; and
“(g)
A statement of accounting policies; and
“(h)
Such other statements as are necessary to fairly reflect the financial operations of the Board for the financial year and its financial position at the end of the year; and
“(i)
Comparative actual figures for the previous financial year in relation to such of the matters specified in paragraphs (a) to (f) and (h) of this subsection as are appropriate; and
“(j)
Budgeted figures for the financial year in relation to such of the matters specified in paragraphs (a) to (c) and (h) of this subsection as are appropriate; and
“(k)
A statement of the revenue from totalisator betting; and a statement of the revenue from fixed-odds betting, on the outcomes of events (other than galloping races, harness races, and greyhound races) where such betting on the outcomes of those events is authorised by or pursuant to this Act, and a statement of the allocation of those revenues.
“(3)
The Board shall, not later than 90 days after the end of the financial year, forward the annual financial statements to a chartered accountant in public practice for audit.”
(2)
Section 30 of the Racing Amendment Act 1992 is hereby consequentially repealed.
32 New sections substituted
(1)
The principal Act is hereby amended by repealing sections 78 and 78a (as substituted by section 31(1) of the Racing Amendment Act 1992), and substituting the following sections:
“78. Annual report
“(1)
The Board shall, as soon as practicable after the end of each financial year, deliver to the Minister, the Industry Board, the Racing Conference, Harness Racing New Zealand, and the Greyhound Racing Association a report of its proceedings and operations during that year.
“(2)
The annual report shall include the financial statements of the Board and the audit report on those statements.
“(3)
The Minister shall lay the report and statements before the House of Representatives not later than 6 sitting days after the return of the financial statements by the auditor to the Board.
“(4)
Where the report and statements have not been laid before the House of Representatives within 3 weeks after the return of the financial statements by the auditor to the Board, the Minister shall cause them to be published not later than 3 weeks after they have been returned, and shall arrange for publication in the Gazette of a notice that they have been published.
“78a. Statement of intent
“(1)
The Board shall deliver to the Minister and to the Industry Board, on or before the date of commencement of each financial year, a statement of intent relating to that financial year and each of the 2 following financial years.
“(2)
The statement of intent shall specify, in respect of each financial year to which it relates,—
“(a)
The objectives of the Board:
“(b)
The nature and scope of the activities to be undertaken:
“(c)
The performance targets and other measures by which its performance may be judged in relation to its objectives:
“(d)
A statement of accounting policies.
“(3)
The Minister shall lay the statement of intent before the House of Representatives not later than 6 sitting days after it has been received by the Minister.
“78b. Quarterly and six-monthly reports
The Board shall provide quarterly and six-monthly reports and accounts to the Industry Board to enable the Industry Board and racing clubs holding totalisator licences to be informed as to the likely extent of profits to be paid to the Industry Board and subsequently to the clubs.”
(2)
Section 31 of the Racing Amendment Act 1992 is hereby consequentially repealed.
33 Off-course Betting Development Account
(1)
Section 80 of the principal Act is hereby amended by repealing subsection (3), and substituting the following subsection:
“(3)
Money in the Off-course Betting Development Account shall be used by the Board solely for the purposes of—
“(a)
Meeting capital expenditure incurred by it in—
“(i)
The development and improvement of the off-course betting system, and such other services as the Board considers necessary or desirable in relation thereto:
“(ii)
The operation of such other types of betting as it is authorised to provide by or pursuant to this Act:
“(iii)
The provision of services for any other purposes in respect of which it is authorised to provide services by or pursuant to this Act:
“(b)
Repaying money borrowed for the purposes of capital expenditure.”
(2)
Section 2(1) of the Racing Amendment Act (No. 2) 1989 is hereby consequentially repealed.
34 On-course Development Account
(1)
Section 80a of the principal Act (as inserted by section 21 of the Racing Amendment Act 1980) is hereby amended by repealing subsection (3), and substituting the following subsection:
“(3)
The Board shall use the money in the On-course Development Account solely for the following purposes:
“(a)
Providing on-course betting facilities, equipment, and services for racing, harness racing, and greyhound racing clubs:
“(b)
Providing on-course facilities, equipment, and services for such other types of betting as it is authorised to provide by or pursuant to this Act:
“(c)
Providing on-course facilities, equipment, and services for any other purposes in respect of which it is authorised to provide services by or pursuant to this Act:
“(d)
Maintaining, improving, and renewing such facilities, equipment, and services:
“(e)
Repaying money borrowed for any of those purposes, and paying interest on money so borrowed.”
(2)
Section 2(2) of the Racing Amendment Act (No. 2) 1989 is hereby consequentially repealed.
35 Payment of profits to Industry Board
Section 81(1) of the principal Act (as substituted by section 33 of the Racing Amendment Act 1992) is hereby amended by omitting the words “derived from the operation of off-course betting (including the off-course totalisator)”
.
36 Off-course betting, etc.
(1)
Section 83 of the principal Act is hereby amended by repealing subsection (1) (as substituted by section 23(2) of the Racing Amendment Act 1980), and substituting the following subsections:
“(1)
Subject to the provisions of this Act, the Board—
“(a)
Shall operate a system of parimutuel off-course race betting and such other services as the Board considers necessary or desirable in relation thereto; and
“(b)
May be associated with racing clubs in the operation of parimutuel on-course race betting and in the provision of facilities, equipment, and services which the Board considers will assist racing clubs in the conduct of race meetings; and
“(c)
May operate such other types of betting as it is authorised to provide by or pursuant to this Act; and
“(d)
May provide services for any other purposes in respect of which it is authorised to provide services by or pursuant to this Act; and
“(e)
Shall have and may exercise all such powers as may be reasonably necessary for those purposes.
“(1a)
Notwithstanding subsection (1)(a) of this section, if in the Board’s opinion it is unable to provide facilities for the acceptance of off-course bets in respect of any form of betting or of any particular race or races, the Board may determine that it will not accept such bets in respect of that form of betting or of that race or races.”
(2)
Section 83 of the principal Act is hereby amended by repealing subsection (3), and substituting the following subsection:
“(3)
For the purposes of carrying out its functions under subsection (1) of this section, the Board shall establish, maintain, and operate such number of totalisator agencies as in its opinion is necessary for the reasonable convenience of members of the public who wish to make use of the agencies.”
(3)
The following enactments are hereby consequentially repealed:
(a)
Section 23(2) of the Racing Amendment Act 1980:
(b)
Section 2(3) of the Racing Amendment Act (No. 2) 1989.
37 Refunds
Section 87(b) of the principal Act is hereby amended by omitting the words “judicial committee of the club conducting the race”
, and substituting the words “Judicial Committee”
.
38 Off-course totalisator
(1)
The principal Act is hereby amended by repealing section 93, and substituting the following section:
“93.
(1)
Subject to the provisions of this Act, the Board may use the off-course totalisator—
“(a)
For the purpose of—
“(i)
Win betting and place betting on any race to be held outside New Zealand:
“(ii)
Double betting on any 2 races (whether either or both of the races are to be held in New Zealand or outside New Zealand) to be held on the same day or on different days at different racecourses, or on different days at the same racecourse during the same race meeting:
“(iii)
Forecast betting or quinella betting on any race to be held in New Zealand or outside New Zealand:
“(iv)
Trifecta betting on any race to be held in New Zealand or outside New Zealand:
“(v)
Treble betting in respect of any 3 races to be held in New Zealand by a racing club on the same day at the same racecourse:
“(vi)
Such other forms of betting in respect of races to be held in New Zealand or outside New Zealand as may from time to time be authorised by the Industry Board:
“(vii)
Any other type of betting on the outcome of any event in respect of which betting is authorised by or pursuant to this Act:
“(b)
For any other purpose authorised by or pursuant to this Act.
“(2)
Every authorisation under subsection (1)(a)(vi) of this section shall be subject to such terms and conditions as the Industry Board thinks fit to impose.
“(3)
Notwithstanding anything in section 98 of this Act, in specifying terms and conditions under subsection (2) of this section, the Industry Board may authorise an amount not exceeding 10 percent of the total amount of betting to be withheld from the dividend pool for the purpose of supplementing the dividend pool when the approved form of betting is offered on subsequent occasions.
“(4)
The off-course totalisator shall not be used in accordance with subsection (1)(a)(i) to (vi) of this section except in respect of such race or races as may from time to time be determined in that behalf by the Board and approved by the Industry Board pursuant to an application by the Board.
“(5)
Every approval given by the Industry Board under subsection (4) of this section shall—
“(a)
Be subject to such terms and conditions as the Industry Board thinks fit to impose; and
“(b)
Continue in force until it is revoked by the Industry Board.
“(6)
Any such approval may at any time be revoked by the Industry Board.
“(7)
So long as the provisions of this Act and all conditions to which any approval under this section is subject are duly complied with, no person shall be convicted of any offence in respect of the use of the off-course totalisator, pursuant to any such approval, under this or any other Act for the time being in force relating to gaming, lotteries, or prize competitions.”
(2)
The following enactments are hereby consequentially repealed:
(a)
Section 31 of the Racing Amendment Act 1980:
(b)
Section 17 of the Racing Amendment Act 1986:
(c)
Section 35 of the Racing Amendment Act 1992.
39 Refund of bets
Section 96(b) of the principal Act (as substituted by section 18(1) of the Racing Amendment Act 1986) is hereby amended by omitting the words “judicial committee of the club conducting the race”
, and substituting the words “Judicial Committee”
.
40 Deductions from betting
(1)
Section 97(1) of the principal Act (as substituted by section 19(1) of the Racing Amendment Act 1986) is hereby amended by repealing paragraphs (d) and (e), and substituting the following paragraphs:
“(d)
Commission at such percentage rate or rates as the Industry Board from time to time determines of the amount of win betting and place betting:
“(e)
Commission at such percentage rate or rates as the Industry Board from time to time determines of the amount of double betting, forecast betting, quinella betting, trifecta betting, treble betting, and any other form of betting authorised under section 93(1)(a)(vi) of this Act:”.
(2)
Section 97 of the principal Act (as so substituted) is hereby amended by repealing subsection (5) (as added by section 36(4) of the Racing Amendment Act 1992), and substituting the following subsection:
“(5)
The Industry Board may determine the rates of levies and commission pursuant to subsection (1) of this section at different rates in respect of different forms of betting for which the use of the totalisator is authorised by or pursuant to section 93 of this Act.”
(3)
Section 97 of the principal Act (as so substituted) is hereby amended by repealing subsections (7) and (8) (as so added), and substituting the following subsections:
“(7)
Before the Industry Board first determines the rates of levies or commission under this section or subsequently varies those rates, the Industry Board shall give not less than 3 months’ written notice of the proposed rates, and of the dividend return to bettors for each form of betting, to every recognised industry organisation.
“(8)
Before the Industry Board first determines the rates of commission under this section or subsequently varies those rates, the Industry Board shall consult with the Board.
“(9)
Every determination of the rates or commission under this section, and the dividend return to bettors for each form of betting, shall be notified by the Industry Board in the Gazette; and any such determination shall not nave effect until it has been so notified.”
(4)
Section 36(2) of the Racing Amendment Act 1992 is hereby consequentially repealed.
(5)
Until such time as the first determination of the rates of commission by the Industry Board is notified in the Gazette and takes effect, the rates of commission shall be those which, immediately before the commencement of this subsection, were specified in section 97 of the principal Act.
41 Minimum dividends
(1)
The principal Act is hereby amended by repealing section 98a, and substituting the following section:
“98a.
Notwithstanding anything in section 98 of this Act, the Board shall not, except in such circumstances as the Industry Board may from time to time specify by notice in the Gazette, pay out, by way of dividend, an amount less than the amount invested in respect of any bet on which a dividend is payable.”
(2)
Section 34 of the Racing Amendment Act 1980 is hereby consequentially repealed.
42 Fixed-odds race betting
(1)
The principal Act is hereby amended by repealing Part Va (as inserted by section 35 of the Racing Amendment Act 1992), and substituting the following Part:
Va “Fixed-Odds Race Betting
“99a. Industry Board may make rules establishing system of fixed-odds race betting
“(1)
Subject to this Act, the Industry Board may, after consulting the Board, make, alter, and rescind rules providing for the establishment of a system of fixed-odds race betting and prescribing any matter relating to the conduct and operation of fixed-odds race betting by the Board, including specifying the circumstances in which—
“(a)
A fixed-odds bet on any runner which is subsequently withdrawn from any race before the start of the race shall be refunded or retained by the Board; and
“(b)
A fixed-odds bet may be laid off by the Board on to other betting systems on one or more of the same contingencies for the purpose of limiting the Board’s exposure on any particular race or event.
“(2)
The Industry Board may at any time review the operation of such a fixed-odds race betting system and may, after consulting the Board, alter or rescind any such rules, or make new rules, pursuant to subsection (1) of this section.
“(3)
The Industry Board shall cause any rules made under this section, and every alteration or rescission of those rules, to be published in the Gazette.
“99b. Board may operate system of fixed-odds betting
“(1)
Subject to this Act and to any rules for the time being in force under section 99a of this Act, the Board may establish and operate a system of fixed-odds race betting in respect of such forms of betting as the Industry Board from time to time authorises on races to be held in New Zealand or outside New Zealand.
“(2)
Every authorisation under subsection (1) of this section shall be subject to such terms and conditions as the Industry Board thinks fit to impose.
“(3)
Any system of fixed-odds race betting established under this section—
“(a)
May be operated—
“(i)
As part of the system of off-course betting operated under section 83 of this Act:
“(ii)
On-course, where on-course totalisator facilities are provided by the Board pursuant to a contract or arrangement entered into under section 83a of this Act:
“(b)
Any rule in force under section 99A(1)(b) of this Act may allow for any fixed-odds bet to be laid off by the Board on to other betting systems on one or more of the same contingencies, for the purpose of limiting the Board’s exposure on any particular race or event:
“(c)
May allow for the placing and acceptance of bets at any time before the start of any specified race to which the bets relate, as the Industry Board from time to time determines.
“(4)
The Board shall have such powers and may perform such functions as are reasonably necessary for establishing such a fixed-odds race betting system.
“99c. Use of facilities
For the purposes of operating a fixed-odds race betting system under section 99b of this Act, the Board may use any offices or agencies established, or equipment used, for the operation of on-course betting under Part III of this Act or off-course betting under Part IV of this Act.
“99d. Application of certain provisions to fixed-odds race betting
“(1)
The provisions of sections 83b, 84, 85, and 100 of this Act, with all necessary modifications, shall apply in respect of fixed-odds race betting conducted by the Board.
“(2)
For the purposes of the Gaming Duties Act 1971, the gross amount of all bets accepted by the Board under this Part of this Act on any day of a race meeting shall be deemed to be special investments within the meaning of that Act.
“99e. Application of revenue from fixed-odds race betting
“(1)
Notwithstanding sections 42 and 97 of this Act but subject to section 99d of this Act, the Board shall apply the total amount of fixed-odds race betting, registered under this Part of this Act, including the net return from bets laid off pursuant to section 99b(3)(b) of this Act as follows:
“(a)
First, in payment of totalisator duty at such rate or rates on all, or such part, of the total amount of betting as may from time to time be prescribed by the Gaming Duties Act 1971:
“(b)
Secondly, in payment of winning dividends:
“(c)
Thirdly, in payment of all costs, charges, and expenses incurred by the Board in the exercise and performance of its powers and functions under this Part of this Act, including amounts to be paid by the Board by way of commission, in accordance with rules in force under section 99a of this Act, to any totalisator club or restricted totalisator club in respect of fixed-odds race betting accepted at a race meeting conducted by that club.
“(2)
The balance, if any, of the amount remaining at the end of each month, after making the payments required by subsection (1) of this section, shall be applied, as soon as practicable after the end of that month, in accordance with section 99f of this Act.
“99f. Payment of profits from fixed-odds race betting to Industry Board
The Board shall pay to the Industry Board all profits derived from the operation of fixed-odds race betting, less money deposited in the separate account established under section 99h of this Act to maintain it at such level as the Industry Board from time to time determines to recoup any shortfall in the fixed-odds race betting pool.
“99g. Shortfall in respect of fixed-odds race betting
The Board shall ensure, in accordance with any rules in force under section 99a of this Act, that any shortfall in respect of fixed-odds race betting is not recouped from money derived from totalisator betting.
“99h. Board to establish separate account for fixed-odds race betting
“(1)
The Board, in accordance with any rules in force under section 99a of this Act, shall establish a separate account into which shall be deposited such part of the profits from fixed-odds race betting as will maintain the account at the level determined by the Industry Board under section 99f of this Act.
“(2)
Any shortfall in the fixed-odds race betting pool shall be recouped from the separate account established under subsection (1) of this section.”
(2)
Part VII of the Racing Amendment Act 1992 is hereby consequentially repealed.
43 New Part Vc inserted
The principal Act is hereby amended by inserting, after Part Vb (as inserted by section 2 of the Racing Amendment Act (No. 2) 1995), the following Part:
Part Vc “Use of Betting Systems for Gaming Purposes, Etc.
“99s. Use of betting systems for gaming purposes, etc.
“(1)
Notwithstanding anything to the contrary in this or any other Act but subject to this Part of this Act, the Board may operate the totalisator, or any other betting system for the time being authorised by or pursuant to this Act, for the purpose of, or in conjunction with,—
“(a)
Any game of chance conducted by a society holding a licence under section 8 of the Gaming and Lotteries Act 1977:
“(b)
Any prize competition conducted by a society holding a licence under section 26 of that Act:
“(c)
Any lottery conducted by a society holding a licence under section 35 of that Act.
“(2)
Every operation of the totalisator or other betting system pursuant to subsection (1) of this section shall be subject to all the provisions of the Gaming and Lotteries Act 1977, and to all the conditions of the licence, applying to the game of chance, prize competition, or lottery in respect of which the operation is being carried out.
“(3)
Notwithstanding anything in the Gaming and Lotteries Act 1977, the Board may pay its employees for operating, or assisting in the operation of, the totalisator or other betting system pursuant to subsection (1) of this section, but any such payment, or any part of it, shall not be charged to or be recoverable from the society on whose behalf the operation is carried out.
“99t. Board not to charge
The Board shall not impose a charge on a society or accept payment of any kind from a society for the operation or use of the totalisator or any other betting system pursuant to section 99s of this Act.”
44 New Part Vd inserted
The principal Act is hereby amended by inserting, after Part Vc (as inserted by section 43 of this Act), the following Part:
Part Vd “Racing Judicial System
“99u. Judicial Control Authority
There is hereby established a body called the Judicial Control Authority.
“99v. Functions of Judicial Control Authority
“(1)
The functions of the Authority are as follows:
“(a)
To initiate, develop, and recommend to the Industry Board and the recognised industry organisations, such measures as will, in its opinion, be conducive to the efficient judicial control of racing and harness racing in New Zealand in accordance with section 99zb of this Act:
“(b)
To select and appoint, by such procedures and inquiries as it thinks fit, panels of suitable persons established under section 99zg or section 99zh of this Act from which members of any Judicial Committee or members of any Appeals Tribunal may be appointed:
“(c)
To appoint the members of any Judicial Committee under section 99zi of this Act:
“(d)
To appoint the members of any Appeals Tribunal under section 99zI of this Act:
“(e)
To recommend to the New Zealand Racing Conference and to Harness Racing New Zealand such changes to the rules of racing, and the rules of harness racing, as it considers desirable dealing with matters of a judicial nature within the codes concerned in accordance with section 99zf of this Act:
“(f)
To exercise and perform such other functions, powers, and duties as are conferred or imposed on the Authority by or under the Act or any other enactment or by the rules of racing or the rules of harness racing.
“(2)
The Authority shall have and may exercise all such powers as may be reasonably necessary for the purposes of subsection (1) of this section.
“99w. Membership
“(1)
The Authority shall consist of 5 members who shall be appointed in the following manner:
“(a)
One member, being a person who is or has been a barrister and solicitor of the High Court of not less than 7 years’ practice, who shall be appointed as the Chairperson of the Authority by the Presidents of the New Zealand Racing Conference, Harness Racing New Zealand, and the Industry Board:
“(b)
Two members, who shall be appointed by the Chairperson of the Authority and the President of the New Zealand Racing Conference:
“(c)
Two members, who shall be appointed by the Chairperson of the Authority and the President of Harness Racing New Zealand.
“(2)
If the persons referred to in subsection (1)(b) or subsection (1)(c) of this section fail to agree upon the appointment of a person to the Authority, the Chairperson of the Industry Board shall make the appointment.
“(3)
No person shall be appointed to the Authority under subsection (1) of this section who is a member of the Executive Committee of the Racing Conference or of the Executive of Harness Racing New Zealand or a member of the Industry Board, unless he or she resigns from the Executive Committee, Executive, or Industry Board, as the case may be, before taking up the appointment.
“(4)
In appointing any member pursuant to paragraphs (b) and (c) of subsection (1) of this section, the persons responsible for appointment shall have regard, not only to the person’s personal attributes but also, with respect to the functions and powers of the Authority, to his or her knowledge, experience, or expertise.
“99x. Term of office
Subject to section 99z of this Act, every member of the Authority, including the Chairperson, shall hold office for a period not exceeding 3 years, and shall be eligible for reappointment from time to time.
“99y. Continuation in office after term expires
Notwithstanding section 99x of this Act, every member of the Authority whose term of office has expired, shall, unless he or she sooner vacates office under section 99z of this Act, continue to hold office until—
“(a)
That member is reappointed; or
“(b)
A successor to that member is appointed; or
“(c)
That member is informed in writing by the persons responsible for appointment under section 99w of this Act that the member is not to be reappointed and is not to hold office until a successor is appointed.
“99z. Extraordinary vacancies
“(1)
Any member of the Authority may at any time be removed from office by the persons responsible for appointment under section 99w of this Act for inability to perform the duties of office, bankruptcy, neglect of duty, or misconduct, proved to the satisfaction of the persons concerned.
“(2)
Any member of the Authority may at any time resign his or her office by giving written notice to that effect to the persons responsible for appointment under section 99w of this Act.
“(3)
If any member dies, resigns, or is removed from office, the vacancy so created shall be filled in the same manner as the appointment of the member vacating office.
“(4)
Every member appointed pursuant to subsection (3) of this section shall hold office for the residue of the term for which his or her predecessor would have held office if the vacancy had not occurred.
“99za. Further provisions relating to Authority
The provisions set out in the Second Schedule to this Act shall have effect in relation to the Authority.
“99zb. Power of Authority to initiate, develop, and recommend measures
The Authority may, of its own motion, initiate, develop, and recommend to the Industry Board and the recognised industry organisations such measures (whether of an advisory, educative, training, or administrative or other nature whatsoever) as will in its opinion be conducive to the efficient judicial control of racing and harness racing in New Zealand.
“99zc. Functions of Judicial Committees
The functions of every Judicial Committee shall be—
“(a)
To hear, adjudicate on, and determine any matter which is brought before it in accordance with the rules of racing or the rules of harness racing or any regulations in force under those rules:
“(b)
To exercise and perform such powers, duties, and functions, including the power to impose penalties and award costs, as are conferred or imposed on Judicial Committees by or under the rules of racing or the rules of harness racing or any regulations in force under those rules.
“99zd. Right of appeal
“(1)
Subject to section 99zk of this Act, any person properly entitled, by or under the rules of racing or the rules of harness racing, to appeal to an Appeals Tribunal may do so.
“(2)
Every appeal properly brought under the rules of racing or the rules of harness racing shall be heard and determined by an Appeals Tribunal in accordance with those rules.
“99ze. Function of Appeals Tribunals
The function of every Appeals Tribunal shall be to hear and adjudicate on any appeal made to it under section 99zd of this Act.
“99zf. Power of Authority in relation to rules of racing
Where the Authority considers it desirable for changes of whatsoever nature to be made to the rules of racing or the rules of harness racing, or any regulations in force under those rules, dealing with matters of a judicial nature, it may make written recommendations of that fact to the New Zealand Racing Conference or Harness Racing New Zealand, as the case may be.
“99zg. Selection and appointment of panel for Judicial Committees
“(1)
The Authority shall from time to time select and appoint any panel of persons from which members of any Judicial Committee may be appointed.
“(2)
Every panel of persons appointed under subsection (1) of this section shall be in existence for a period not exceeding 1 year, but panel members may be reappointed from time to time.
“(3)
In the appointment to any panel of any person pursuant to subsection (1) of this section, the Authority shall have regard, not only to the person’s personal attributes, but also, with respect to the functions and powers of Judicial Committees, to his or her knowledge, experience, or expertise.
“(4)
Any member of a panel may at any time be removed from office by the Chairperson of the Authority for inability to perform the duties of office, bankruptcy, neglect of duty, or misconduct, proved to the satisfaction of the Chairperson, or may at any time resign his or her office, by written notice to the Chairperson.
“99zh. Selection and appointment of panel for Appeals Tribunals
“(1)
The Authority shall from time to time select and appoint any panel of persons from which members of any Appeals Tribunal may be appointed.
“(2)
Every panel of persons appointed under subsection (1) of this section shall be in existence for a period not exceeding 1 year, but panel members may be reappointed from time to time.
“(3)
In the appointment to any panel of any person pursuant to subsection (1) of this section, the Authority shall have regard, not only to the person’s personal attributes, but also, with respect to the functions and powers of Appeals Tribunals, to his or her knowledge, experience, or expertise.
“(4)
Any member of a panel may at any time be removed from office by the Chairperson of the Authority for inability to perform the duties of office, bankruptcy, neglect of duty, or misconduct, proved to the satisfaction of the Chairperson, or may at any time resign his or her office, by written notice to the Chairperson.
“99zI. Appointment of members of Judicial Committees and Appeals Tribunals
“(1)
The Authority shall from time to time appoint members of Judicial Committees to exercise and carry out the powers and functions of such committees, whether in relation to matters which arise on a particular day of racing or harness racing or in relation to other matters.
“(2)
The Authority shall from time to time appoint members of any Appeals Tribunal to exercise the functions and powers of such Tribunals in respect of any appeal.
“(3)
Notwithstanding subsection (1) or subsection (2) of this section, the Chairperson of the Authority or (if he or she is not available) any other member of the Authority may from time to time appoint or replace any member of any Judicial Committee or Appeals Tribunal.
“(4)
Every Judicial Committee or Appeals Tribunal shall hold office for the period reasonably required to exercise its functions and powers in respect of the matters arising on or in relation to any day of racing or harness racing, or in relation to other matters, or in relation to any appeal, as the case may be.
“(5)
There may be paid, out of the funds of the Authority, to the members of Judicial Committees and Appeals Tribunals such remuneration by way of fees and expenses as may from time to time be approved by the Authority.
“99zJ. Representation for hearings held on race days
“(1)
Notwithstanding any other enactment or rule of law to the contrary, no person shall be represented by counsel at any hearing held by any Judicial Committee in respect of any matter which arises on any race day and which is held on that day.
“(2)
Subsection (1) of this section does not apply to a hearing of a Judicial Committee not held on the race day on which the subject matter of the hearing arose, or to a hearing held by an Appeals Tribunal.
“99zk. Appeals against placings and stakes
“(1)
Notwithstanding any other enactment or rule of law to the contrary but subject to subsections (2) and (3) of this section, no person shall be entitled to appeal to any Appeals Tribunal against any decision made by a Judicial Committee on the day of a race in respect of placings in that race or stakes payable for those placings.
“(2)
Nothing in subsection (1) of this section shall prevent a Judicial Committee, at any time after the day of any race, disqualifying a horse for a race—
“(a)
On a ground relating to a drug, stimulant, or depressant having been administered to the horse; or
“(b)
On the ground that the horse was ineligible to start in the race; or
“(c)
On any other ground on which, pursuant to the rules of racing or the rules of harness racing, as the case may be, a horse may be disqualified for a race after it has started in the race—
and making any order the committee considers appropriate as to the alteration of the placings in the race and the stakes payable for those placings.
“(3)
If a Judicial Committee decides, after the day of a race, that a horse should be disqualified for the race on any ground referred to in subsection (2) of this section, the owner of the horse may appeal against the decision to an Appeals Tribunal.
“99zl. Costs
“(1)
In any appeal the Appeals Tribunal may award costs to or against any party to the appeal.
“(2)
Where, under this section, an award of costs is made and any sum remains unpaid, the person in whose favour the award was made may obtain from the Registrar of the Appeals Tribunal a certificate of the sum awarded.
“(3)
When a certificate obtained under subsection (2) of this section is filed with the Racing Conference or Harness Racing New Zealand, as the case may be, it may be regarded as arrears and be placed on the unpaid forfeit list as defined in the rules of racing or the rules of harness racing.
“99zm. Power to secure attendance
“(1)
Every Appeals Tribunal, of its own motion or on the application of any party to any proceedings before it, shall have the power to require (by way of summons signed by the Chairperson or other member of the Appeals Tribunal) any person subject to the rules of racing or the rules of harness racing, as the case may be, to appear before it, to answer any question put to that person, and to produce to it any papers, documents, records, or things referred to in such summons.
“(2)
Every person subject to the rules of racing or the rules of harness racing, as the case may be, who, after being summoned to attend to give evidence before an Appeals Tribunal or to produce to the Appeals Tribunal any papers, documents, records, or things, without sufficient cause,—
“(a)
Fails to attend in accordance with the summons; or
“(b)
Refuses to be sworn or to give evidence, or, having been sworn, refuses to answer any questions that the person is lawfully required by the Appeals Tribunal or any member of it to answer concerning the proceedings; or
“(c)
Fails to produce any such paper, document, records, or thing—
may be punished by the Appeals Tribunal in accordance with the rules of racing or the rules of harness racing, as the case may require.
“(3)
Nothing in subsections (1) and (2) of this section shall limit the powers of Stipendiary Stewards or Racecourse Inspectors as provided for in the rules of racing or the rules of harness racing, as the case may be.
“99zn. Privileges and immunities
“(1)
Witnesses and counsel appearing before a Judicial Committee or an Appeals Tribunal shall have the same privileges and immunities as they would have in proceedings in a District Court.
“(2)
No member of the Authority or any Judicial Committee or Appeals Tribunal shall be personally liable for any act done or omitted to be done by the Authority or Judicial Committee or Appeals Tribunal or any member thereof in good faith in pursuance or intended pursuance of the functions, duties, powers, or authorities of the Authority or Judicial Committee or Appeals Tribunal.
“99zo. Power to dismiss frivolous or vexatious appeals
Where an appeal is considered by the Appeals Tribunal to be frivolous or vexatious, the Appeals Tribunal may dismiss the appeal without a hearing, and make such order as to the payment of costs or otherwise as it considers appropriate.”
45 Racing clubs to exclude bookmakers
Section 102(2) of the principal Act is hereby amended—
(a)
By omitting the word “Minister”
, and substituting the words “Industry Board”
:
(b)
By omitting the word “he”
, and substituting the words “the Industry Board”
.
46 New sections inserted
The principal Act is hereby amended by inserting, after section 102, the following sections:
“102a. Amalgamation with overseas totalisator systems
The Board is authorised to amalgamate the amount available for any event or events in respect of which betting is authorised by or pursuant to this Act with the equivalent amounts available from overseas totalisator systems to form a combined dividend pool.
“102b. Crown not liable for debts
“(1)
Subject to subsection (2) of this section, the Crown shall not be liable to contribute towards the payment of any debts or liabilities of the Industry Board, the Board, the Authority, any Judicial Committee, or any Appeals Tribunal.
“(2)
Subsection (1) of this section shall not apply in relation to—
“(a)
Any sum the Crown is liable to contribute pursuant to any Act; or
“(b)
Any sum the Crown is liable to contribute pursuant to any guarantee or indemnity given pursuant to section 59 of the Public Finance Act 1989; or
“(c)
Any sum the Crown is liable to pay a creditor of the Industry Board, the Board, the Authority, any Judicial Committee, or any Appeals Tribunal by virtue of a good cause of action against the Crown; or
“(d)
Any sum the Crown is liable to pay any creditor of the Reserve Bank of New Zealand.”
47 Money bet not recoverable
The principal Act is hereby amended by repealing section 103, and substituting the following section:
“103.
No action shall be brought or maintained in any court against the Industry Board, the Board, or any racing club for the recovery of any money won, lost, or bet under any form or type of betting authorised by or pursuant to this Act.”
48 Performance and efficiency audits of Industry Board and Board
The principal Act is hereby amended by inserting, after section 103b (as inserted by section 19 of the Racing Amendment Act 1983), the following section:
“103c.
“(1)
The provisions of this section apply to the Industry Board and the Board separately; and, for the purposes of this section, the dates as at which the audits of the Industry Board and the Board are carried out need not be the same.
“(2)
From time to time there shall be carried out, in accordance with this section, an audit of how effectively and efficiently the Industry Board or the Board is performing in terms of the policies, procedures, and strategies of the Industry Board or the Board.
“(3)
While an audit shall relate to—
“(a)
The Industry Board’s or the Board’s performance as at a particular day; and
“(b)
The Industry Board’s or the Board’s prospective future performance—
the person carrying it out may have regard to its performance during the 5 years before that day.
“(4)
At least 4 months before the day as at which an audit is to be conducted, the Industry Board or the Board shall consult the Minister as to the terms of reference for the audit.
“(5)
No more than one month after the consultation the Minister shall give the Industry Board or the Board written notice of the Minister’s views on the terms of reference for the audit.
“(6)
Subject to subsection (7) of this section, the terms of reference for an audit shall be determined by the Industry Board or the Board.
“(7)
Before specifying the terms of reference for an audit, the Industry Board—
“(a)
Shall consult with the Board and with authorised representatives of the Racing Conference, Harness Racing New Zealand, and the Greyhound Racing Association; and
“(b)
May consult with recognised industry organisations; and
“(c)
Shall consult with the Minister and obtain approval of the proposed terms from the Minister.
“(8)
Before specifying the terms of reference for an audit, the Board—
“(a)
Shall consult with authorised representatives of the Racing Conference, Harness Racing New Zealand, and the Greyhound Racing Association; and
“(b)
May consult with recognised industry organisations; and
“(c)
Shall consult with the Minister and the Industry Board and obtain approval of the proposed terms from the Minister and the Industry Board.
“(9)
Notwithstanding subsections (7) and (8) of this section, if the Minister is not satisfied with any proposed terms of reference, the Minister may determine those terms by written notice to the Industry Board or the Board, as the case may require.
“(10)
Subject to subsections (11) and (12) of this section, every audit shall be carried out by a person appointed by the Industry Board or the Board, at least one month before the day as at which it is to be carried out, after consultation with the Minister.
“(11)
Before appointing a person pursuant to subsection (10) of this section, the Industry Board and the Board—
“(a)
Shall consult with the Board or the Industry Board, as the case may require; and
“(b)
Shall consult with the Minister and obtain approval of the proposed appointment from the Minister.
“(12)
Notwithstanding subsections (10) and (11) of this section, if the Minister is not satisfied with any appointment proposed under the said subsection (10), the Minister may appoint a person to carry out the audit.
“(13)
The Industry Board’s or the Board’s performance and efficiency includes—
“(a)
The extent (if any) to which the Industry Board or the Board has established objectives for the performance of its functions; and
“(b)
Any such objectives established; and
“(c)
The progress the Industry Board or the Board is making towards the achievement of any such objectives established; and
“(d)
The extent (if any) to which the Industry Board or the Board has put in place policies and strategies to use its resources effectively and efficiently for the purpose of achieving its objectives; and
“(e)
Any such policies and strategies put in place; and
“(f)
The manner in which any such policies and strategies put in place were put in place—
but the fact that any other matter is determined under subsection (6) of this section is conclusive evidence that it relates to the performance and efficiency of the Industry Board or the Board.
“(14)
Every person who carries out an audit shall, after carrying it out, prepare a written report on the conclusions the person reached as a result of carrying it out; and shall give copies of the report to the Minister, the Industry Board or the Board, and the recognised industry organisations.
“(15)
The Industry Board or the Board shall pay the reasonable costs of every audit; and the person carrying it out may recover those costs accordingly as a debt due to the person.
“(16)
The reasonable costs of an audit are—
“(a)
The remuneration agreed on the appointment by the Industry Board or the Board (or, as the case may be, by the Minister) of the person carrying it out to be paid to the person for carrying it out and reporting to the Minister and the Industry Board or the Board; and
“(b)
The person’s reasonable costs in doing so.
“(17)
The first audit shall be carried out as soon as may be after a date to be fixed by the Minister; and shall relate to the Industry Board’s or the Board’s performance as at that day.
“(18)
Other audits shall be carried out as soon as may be after—
“(a)
The 1st day of June in the year 5 years after the day as at which the most recent audit was carried out; or
“(b)
Any earlier 1st day of June fixed by the Industry Board or the Board—
and shall relate to the Industry Board’s or the Board’s performance as at that day.”
49 New Second Schedule added
The principal Act is hereby amended by adding the Second Schedule set out in the Schedule to this Act.
Schedule NEW SECOND SCHEDULE TO PRINCIPAL ACT
Section 49
“SECOND SCHEDULE Provisions Applying in Respect of Judicial Control Authority
Section 99za
1. Meetings
(1)
Meetings of the Authority shall be held at such times and places as the Authority or its Chairperson from time to time appoints, but the Authority shall meet at least once in each financial year.
(2)
At any meeting of the Authority the quorum necessary for the transaction of business shall be 3 members.
(3)
At any meeting of the Authority its Chairperson shall preside if he or she is present. If the Chairperson is absent, the members present shall appoint one of their number to be Chairperson of that meeting. The person so appointed shall have and may exercise in any such case all the powers and functions of the Chairperson for the purposes of that meeting.
(4)
All questions arising at any meeting of the Authority shall be decided by a majority of the valid votes recorded thereon.
(5)
At any meeting of the Authority, the Chairperson or other person presiding shall have a deliberative vote and, in the case of an equality of votes, shall also have a casting vote.
(6)
A resolution in writing signed or assented to by letter, facsimile transmission, telex, or other method of communication, by no less than 5 members of the Authority shall have the same effect as a resolution duly passed at a meeting of the Authority.
(7)
Subject to the provisions of this Act, the Authority may regulate its own procedure.
2. Fees and allowances
There may be paid, out of the funds of the Authority, to the members of the Authority, such remuneration by way of fees, salary, or allowances and travelling allowances and expenses as may from time to time be approved by the Industry Board after consultation with authorised representatives of the Racing Conference and Harness Racing New Zealand.
3. Employees of Authority
(1)
The Authority may from time to time appoint such officers and employees as it thinks necessary for the efficient performance and exercise of its functions and powers under this Act.
(2)
Officers and employees appointed under subclause (1) of this clause shall be employed on such terms and conditions of employment and shall be paid such salaries and allowances as the Authority may from time to time determine.
(3)
Subject to the terms and conditions of employment, the Authority may at any time terminate or suspend the employment of any of its employees.
(4)
The Authority shall obtain the written consent of the Industry Board before establishing any positions for officers and employees of the Authority.
4. Superannuation or retiring allowances
(1)
For the purpose of providing a superannuation fund or retiring allowances for its employees, the Authority may from time to time pay sums by way of subsidy or contribution into any superannuation scheme that is registered under the Superannuation Schemes Act 1989.
(2)
Notwithstanding anything in this Act, a person who, immediately before becoming an employee of the Authority, is a contributor to the Government Superannuation Fund under Part II or Part IIa of the Government Superannuation Fund Act 1956 shall, for the purposes of that Act, be deemed to be employed in the Government service so long as that person continues to be an employee of the Authority; and that Act shall apply to that person in all respects as if that person’s service as an employee of the Authority is Government service.
(3)
Nothing in subclause (2) of this clause entitles any person to become a contributor to the Government Superannuation Fund after that person has once ceased to be a contributor.
(4)
For the purposes of applying the Government Superannuation Fund Act 1956, in accordance with subclause (2) of this clause, to an employee of the Authority who is a contributor to the Government Superannuation Fund, the term “controlling authority”
, in relation to that employee, means the Authority.
5. Application of certain Acts to members and employees
Subject to clause 4(2) of this Schedule, no person shall be deemed to be employed in the service of the Crown for the purposes of the State Sector Act 1988 or the Government Superannuation Fund Act 1956 by reason only of that person’s appointment under clause 3 of this Schedule.
6. Funds of Authority
The funds of the Authority shall consist of—
(a)
All money paid in each financial year by the Industry Board pursuant to section 26(2a) of this Act:
(b)
Such money (if any) as may be paid in each financial year by the New Zealand Racing Conference and Harness Racing New Zealand for that purpose, as those bodies may from time to time determine:
(c)
Such money (if any) as may be paid in each financial year by any other recognised industry organisation for that purpose, as that organisation may from time to time determine:
(d)
All money lawfully contributed or donated to the Authority or otherwise lawfully payable to it:
(e)
All money received by the Authority by way of fees, rent, or otherwise in respect of any real or personal Property vested in or controlled by the Authority, or in respect of the performance or exercise of any of the functions or powers of the Authority:
(f)
All money received by the Authority from the sale or other disposal of any of its real or personal property:
(g)
All accumulations of income derived from any such money.
7. Bank accounts
(1)
The Authority shall open at any bank or banks such accounts as are necessary for the exercise of its functions and powers.
(2)
All money received by the Authority, or by any member or employee of the Authority for the purposes of the Authority, shall, as soon as practicable after it has been received, be paid into such bank accounts of the Authority as the Authority from time to time determines.
(3)
The withdrawal or payment of money from any such accounts shall be authorised in such manner as the Authority thinks fit.
(4)
Any bank account of the Authority shall be operated only by cheque or other instrument signed by a member or an officer of the Authority authorised by the Authority to do so, and shall be countersigned by another member or officer of the Authority authorised to do so.
8. Investment of money
Subject to the terms of any trust or endowment, any money held by or on behalf of the Authority, and which is not immediately required for expenditure, may be invested—
(a)
In accordance with the provisions of the Trustee Act 1956 as to the investment of trust funds; or
(b)
In such other manner as the Authority, with the prior approval of the Industry Board, may determine.
9. Borrowing powers
(1)
The Authority may from time to time, with the prior written approval of the Industry Board, borrow money from any bank by way of overdraft.
(2)
Without prejudice to subclause (1) of this clause, the Authority may, with the prior written approval of the Industry Board, borrow money by way of mortgage, debentures, bonds, or otherwise, and may mortgage or charge any of its real or personal property, whether present or future, in such manner as it thinks fit.
10. Accounts and audit
(1)
The Authority shall keep full and correct accounts of all money received and expended by it.
(2)
At the end of every financial year ending with the 31st day of July, the Authority shall cause to be prepared full and true statements and accounts of all its income and expenditure in that year, together with a balance sheet as at the last day of that year.
(3)
The statement and balance sheet shall be audited by a chartered accountant in public practice appointed by the Authority for the purpose, who shall have access to such of the Authority’s books, accounts, securities, and documents the examination of which is in his or her opinion necessary for the purposes of the audit.
(4)
Any person who is an officer, agent, employee, or member of the Authority shall not be appointed as an auditor under subclause (3) of this clause.
11. Annual report
As soon as practicable after the 31st day of July in each year, the Authority shall furnish to the Minister, the Racing Conference, Harness Racing New Zealand, and the Industry Board, a report of its proceedings and operations for the preceding financial year, and shall attach to the report a copy of its audited accounts.”
This Act is administered in the Department of Internal Affairs.
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Versions
Racing Amendment Act 1995
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