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Gambling Act 2003

Institutions - New Zealand Lotteries Commission - Financial provisions relating to Lotteries Commission

263: Payment of profits

You could also call this:

"When the Lotteries Commission makes money, it must put its profits into a special account, unless the Minister says it can keep some."

The Lotteries Commission has to give its profits to a special account at certain times. The Minister decides when this happens, and it must match the budget that the Minister already approved under section 259. The Secretary chooses which account the profits go into, as described in section 286.

The Minister can let the Lotteries Commission keep some of its profits if they think it's a good idea. You can think of this like the Commission being allowed to save some money for later. The Minister decides how much of the profits the Commission can keep.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM209771.

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Money and consumer rights > GamblingGovernment and voting > Government departments
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262: Investment of funds, or

"The Lotteries Commission must invest its money wisely, following New Zealand's trust rules."

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264: Exemption from income tax, or

"The Lotteries Commission doesn't have to pay income tax."

Part 3Institutions
New Zealand Lotteries Commission: Financial provisions relating to Lotteries Commission

263Payment of profits

  1. Except as provided in subsection (2), the Lotteries Commission must, at the intervals or times that the Minister may direct, consistent with the estimate of income and expenditure approved by the Minister under section 259, pay its profits into such account opened under section 286 as the Secretary directs.

  2. The Minister may from time to time authorise the Lotteries Commission to retain the portion of its profits that the Minister thinks fit for the purposes of the Commission.

Compare
  • 1977 No 84 s 99