TAB NZ, which is short for TAB New Zealand, can keep some money set aside in special accounts called reserves. They can have one or more of these reserves and can name them whatever they want. TAB NZ gets to decide how much money to put in these reserves.
When TAB NZ has extra money left over, they can add it to these reserves if they want to. This extra money can come from different places. For example, it might come from money they’re allowed to keep under sections 77(2) and 82(2) of the law. It can also come from other sources, and it doesn’t matter if it’s money they’ve earned or money that’s part of their main funds.
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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS292113.
TAB NZ may maintain 1 or more reserves with the name or names, and containing an amount or amounts, that TAB NZ considers appropriate.
TAB NZ may credit to a reserve any amount that it considers appropriate from any surpluses retained by it under sections 77(2) and 82(2), or any other source, whether capital or income.
