27Prize fund account

#### 27 Prize fund account 27 Prize fund account > > (1) A prize fund for a public lottery kept in respect of a licensee is to be kept in an account in a bank, building society or credit union that is nominated or approved by the Minister. > > > (2) Payments under this Division are to be made in accordance with the conditions of the licence or section 27A (Unclaimed prizes). > > > (3) A licensee may draw on the prize fund— > > > > > (a) in order to apply money from the fund in accordance with subsection (8), or > > > > > (b) in order to make payments in respect of unclaimed prizes or disputed money as authorised or required by or under subsection (9) or section 27A (Unclaimed prizes), > > > > unless the Minister has by notice in writing directed the bank, building society or credit union at which the prize fund is kept not to accommodate drawings by the licensee on the fund. > > > (4) If the Minister has so directed a bank, building society or credit union, the Minister may draw on the prize fund— > > > > > (a) in order to enable the completion of a public lottery to which the fund relates that has been commenced by the licensee, or > > > > > (b) in order to apply money from the fund in accordance with subsection (8) (c) towards the reimbursement of the licensee, or > > > > > (c) in order to make payments in respect of unclaimed prizes or disputed money, as authorised or required by or under subsection (9) or section 27A (Unclaimed prizes), that the licensee is unable to make from the fund because of the direction. > > > (5) Money for the time being credited to a prize fund and not immediately required for the payment of prizes may be invested in such manner as the licensee concerned requests and the Minister approves in writing. > > > (6) The proceeds of an investment, or of any realisation of an investment, under subsection (5) must be paid into the relevant prize fund and form part of the fund. > > > (7) At the request of the licensee, investments made from the prize fund are to be realised (unless there are special circumstances that warrant not doing so). > > > (8) Apart from investment under subsection (5), money forming part of a prize fund may be applied only— > > > > > (a) towards the payment by the licensee or the licensee’s agents of prizes won in a public lottery in respect of which the fund is kept, and > > > > > (a1) towards the payment of contributions by the licensee to prizes won in a public lottery conducted pursuant to an agreement entered into by the licensee under section 37A, and > > > > > (b) towards the payment, from a prize reserve fund located within the prize fund in accordance with the conditions of the licence, of the amounts specified to be paid from the prize reserve fund by the conditions of the licence, and > > > > > (c) to the extent that the conditions of the licence require any subsidy of the prize fund by the licensee—towards the reimbursement of the licensee, and > > > > > (d) towards payment of such costs for operating the prize fund as the Minister approves in writing, and > > > > > (e) in the case of a licence that is no longer in force—in accordance with regulations under subsection (10). > > > (9) The regulations may make provision for or with respect to the disposal of money as to which any dispute has arisen. > > > (10) The regulations may make provision for or with respect to the disposal by the Minister of any money in a prize fund (being money that is not required for payment of prizes won in a public lottery) when a licence is no longer in force. > > **s 27:** Am 2004 No 13, Sch 1 \[8\]–\[12\]; 2009 No 60, Sch 5.1 \[7\]–\[10\].