Gambling Act 2003

Institutions - New Zealand Lottery Grants Board - Financial provisions relating to Board and distribution committees

287: Investment of money

You could also call this:

"Using lottery profits to make more money by investing them safely"

The Secretary can invest any profits from New Zealand lotteries in a way that follows the Trusts Act 2019. You can find the Trusts Act 2019 on the New Zealand legislation website. This is done while waiting for the profits to be distributed according to section 277.

The Secretary must deal with any interest earned from these investments, and any money made from selling the investments, as profits from New Zealand lotteries.

The money from investments is treated the same as the original profits from the lotteries.

This text is automatically generated. It might be out of date or be missing some parts. Find out more about how we do this.

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=DLM210210.


Previous

286: Bank accounts, or

"The law lets the Secretary open bank accounts to manage money, with some rules to follow."


Next

288: Loans to Lotteries Commission, or

"The government can lend lottery money to help the Lotteries Commission do its job before the profits are shared out."

Part 3Institutions
New Zealand Lottery Grants Board: Financial provisions relating to Board and distribution committees

287Investment of money

  1. Subject to any directions of the Board, the Secretary may invest any profits of New Zealand lotteries in accordance with the Trusts Act 2019, pending their distribution under section 277.

  2. Any amounts of interest arising from the investments, and the proceeds of any realisation of the investments, are deemed to be profits arising from New Zealand lotteries and must be dealt with accordingly.

Compare
  • 1977 No 84 s 116V
Notes
  • Section 287(1): amended, on , by section 161 of the Trusts Act 2019 (2019 No 38).