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Gambling Act 2003

Gambling - Licensing of class 4 gambling - Net proceeds and costs of class 4 gambling

105: Interest, etc, on gaming machine profits

You could also call this:

"Putting gaming machine profit interest into a special bank account"

Illustration for Gambling Act 2003

If you have a class 4 operator's licence, you must put the interest or investment return on gaming machine profits into a special bank account. This account must be in your name at a registered bank in New Zealand. You can find out more about gaming machine profits in section 104.

You must bank the interest, investment return, or proceeds within a certain time frame, which is specified in regulations made under section 371, or as soon as you reasonably can.

If you do not follow this rule, you can be charged with an offence and fined up to $5,000 if you are found guilty.

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This page was last updated on

View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM208667.

Topics:
Money and consumer rights > GamblingCrime and justice > Criminal law
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104: Gaming machine profits must be banked, or

"Money from gaming machines must go into a special bank account."

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105A: Management of gaming machine profits bank account, or

"How gaming machine profits must be managed in a special bank account"

Part 2Gambling
Licensing of class 4 gambling: Net proceeds and costs of class 4 gambling

105Interest, etc, on gaming machine profits

  1. The holder of a class 4 operator’s licence must ensure that the interest or other investment return on the gaming machine profits referred to in section 104, plus any gain above the book value from the sale of gambling assets, is credited directly to or banked directly into (as the case may be) a dedicated account for gaming machine profits in the name of the holder of the class 4 operator’s licence at a registered bank in New Zealand.

  2. The interest, investment return, or proceeds must be banked within the time frame specified in regulations made under section 371 or, if no time frame is specified, as soon as reasonably practicable.

  3. Repealed

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

Notes
  • Section 105(1): replaced, on , by section 61(1) of the Gambling Amendment Act 2015 (2015 No 3).
  • Section 105(3): repealed, on , by section 61(2) of the Gambling Amendment Act 2015 (2015 No 3).
  • Section 105(4): amended, on , by section 413 of the Criminal Procedure Act 2011 (2011 No 81).