14Guarantee of prize payments from multi-terminal gaming machines

14 Guarantee of prize payments from multi-terminal gaming machines

14 Guarantee of prize payments from multi-terminal gaming machines

(1) If the maximum jackpot prize that may be won on a multi-terminal gaming machine kept on the premises of a registered club exceeds $20,000, the club must—

(a) establish with a financial institution a special account which is to have a balance equal to or greater than the total value of the jackpot prizes that may be won on each such gaming machine, or

(b) obtain a formal guarantee from a bank or recognised financial institution, or from a person or body approved by the Authority, for an amount equal to the total value of the jackpot prizes that may be won on each such gaming machine.

(2) The registered club must keep or cause to be kept a written record, in a form approved by the Authority, of—

(a) any special account established under subclause (1)(a), or

(b) any guarantee obtained under subclause (1)(b).

Maximum penalty—50 penalty units.