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Gambling Act 2003

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

105A: Management of gaming machine profits bank account

You could also call this:

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

Illustration for Gambling Act 2003

If you have a class 4 operator's licence, you must use a special bank account for the profits from gaming machines. You can only use the money in this account to pay for the costs of running the gaming machines or for authorised purposes, as stated in section 104(1) or section 105(1).

You cannot move the profits to another bank account unless you get permission from the Secretary.

If you break this rule, you can get a fine of up to $5,000.

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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=DLM6400020.

Topics:
Money and consumer rights > GamblingCrime and justice > Criminal law
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105: Interest, etc, on gaming machine profits, or

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

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106: Corporate society must apply or distribute net proceeds from class 4 gambling to or for authorised purpose, or

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

105AManagement of gaming machine profits bank account

  1. The holder of a class 4 operator’s licence must not meet the costs of the class 4 gambling operation or apply funds to, or distribute funds for, authorised purposes except from a dedicated account for gaming machine profits referred to in section 104(1) or 105(1).

  2. Unless the Secretary gives consent to some or all of the gaming machine profits, interest, investment return, and any gain above the book value from the sale of gambling assets being transferred to another bank account, the gaming machine profits, interest, investment return, and any gain above the book value from the sale of gambling assets must remain in the account for the gaming machine profits until the class 4 operator either—

  3. uses the gaming machine profits, interest, investment return, and any gain above the book value from the sale of gambling assets to meet the costs of the class 4 gambling operation; or
    1. applies the gaming machine profits, interest, investment return, and any gain above the book value from the sale of gambling assets to, or distributes the gaming machine profits, interest, investment return, and any gain above the book value from the sale of gambling assets for, authorised purposes.

      1. 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 105A: inserted, on , by section 62 of the Gambling Amendment Act 2015 (2015 No 3).