Gambling Act 2003

Gambling - Licensed promoters of class 3 gambling - Bond

195: Applicant must provide bond given by approved surety

You could also call this:

"You must provide a guarantee from an approved person when applying for a licence to promote gambling."

When you apply for a licensed promoter's licence, you must give a bond from a person who is approved by the Secretary as a surety. The bond must be for a certain amount of money, which is $50,000 until three years after the Gambling Act 2003 received the Royal assent, and $200,000 after that. The bond also means the surety promises to pay the money to the Secretary if you do not follow the rules outlined in section 196(1).

The Secretary must decide as soon as possible if the person you nominate as surety is approved or not. The Secretary thinks about whether the person can pay the bond when deciding if they are approved. If you already have a licence and it is renewed after the date when the bond amount increases, your bond must be increased to $200,000 when you apply to renew your licence.

The Secretary looks at the surety's ability to pay the bond when making their decision. You need to make sure the bond is given by an approved surety when you apply for or renew your licence. The bond is an important part of getting a licensed promoter's licence.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM209378.


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194: Objections, or

"People can object to your licence application if they think you're not suitable"


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196: When bond must be paid to Secretary, or

"When you must pay the bond money to the government if you break the gambling rules."

Part 2Gambling
Licensed promoters of class 3 gambling: Bond

195Applicant must provide bond given by approved surety

  1. An application for a licensed promoter’s licence must be accompanied by a bond given by a person who is nominated to the Secretary as a surety.

  2. The bond must—

  3. be for the amount of—
    1. $50,000, until the date that is 3 years after the date on which this Act receives the Royal assent:
      1. $200,000, on and from the date that is 3 years after the date on which this Act receives the Royal assent; and
      2. bind the surety, unconditionally, to pay the bond to the Secretary on demand if the licensed promoter does 1 or more of the things specified in section 196(1).
        1. As soon as practicable after receiving the application, the Secretary must approve the person nominated as the surety, or refuse to approve the person.

        2. In considering whether or not to approve a person as an approved surety, the Secretary must have regard to the person’s ability to pay the bond on demand.

        3. To avoid doubt, in the case of a licensed promoter’s licence that was granted before the date specified in subsection (2)(a)(ii) and that is renewed after that date, the bond given by the approved surety must be increased to $200,000 at the time an application for a renewal of the licence is made.

        Compare
        • 1977 No 84 s 41(1), (3)