Plain language law

New Zealand law explained for everyone

Racing Industry Act 2020

TAB New Zealand

61: TAB NZ must operate in financially responsible manner

You could also call this:

“TAB NZ must be careful with its money and spend wisely”

You need to know that TAB NZ has to manage its money carefully. This means they must try to keep their finances healthy for a long time. They should aim to make enough money each year to cover all their costs, including the cost of borrowing money. TAB NZ should also try to run their business successfully and keep it going. They need to be smart about how they handle the things they own and the money they owe. All of these rules help make sure TAB NZ uses its money responsibly.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS292109.

Topics:
Money and consumer rights > Gambling Business > Industry rules
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60: Performance and efficiency audit, or

"TAB NZ must have a check-up every five years to see if it's doing a good job"

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62: TAB NZ must prepare statement of intent, or

"TAB NZ writes a yearly plan about its goals and shares it with important people"

Part 3 TAB New Zealand

61TAB NZ must operate in financially responsible manner

  1. TAB NZ must operate in a financially responsible manner and, for that purpose, must—

  2. endeavour to maintain its long-term financial viability; and
    1. endeavour to cover all its annual costs (including the cost of capital) from its net annual income; and
      1. endeavour to act as a successful going concern; and
        1. prudently manage its assets and liabilities.

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