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Gambling Act 2003

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

288: Loans to Lotteries Commission

You could also call this:

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

The Board can let the Secretary lend some of the New Zealand lottery profits to the Lotteries Commission before they are distributed as planned. You can read more about how the profits are distributed in section 277. This loan helps the Commission do its job and use its powers as stated in subpart 2.

The Secretary can lend the money with or without something to secure the loan, and the interest rate is decided by the Board. If someone else lends money to the Lotteries Commission as stated in section 260, the Board can guarantee the loan.

If the Board guarantees a loan and the Commission cannot pay it back, the Secretary must pay the money using the undistributed New Zealand lottery profits.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM210211.

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Money and consumer rights > GamblingGovernment and voting > Government departments
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287: Investment of money, or

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

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289: Miscellaneous expenditure, or

"Money from lottery profits can be used for extra costs like research and administration."

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

288Loans to Lotteries Commission

  1. Despite section 287, the Board may authorise the Secretary to advance any profits of New Zealand lotteries, pending their distribution under section 277, to the Lotteries Commission to enable the Commission to perform and exercise its functions and powers under subpart 2.

  2. Any such advance may be made by the Secretary, with or without security, at rates of interest determined by the Board.

  3. The Board may guarantee, with or without security, advances made to the Lotteries Commission by any other person under section 260.

  4. Any money required to be paid by the Secretary by virtue of a guarantee given by the Board under subsection (3) is to be paid by the Secretary out of the undistributed profits of New Zealand lotteries.

Compare
  • 1977 No 84 s 116W