91CBookmaking development fund

91C Bookmaking development fund (1) Unless the Minister determines otherwise, a controlling body that makes rules under section 91B must establish a bookmaking development fund. (2) There is to be paid into each fund— (a) a proportion, determined from time to time by the relevant controlling body with the approval of the Minister, of the total amount received in respect of levies, interest on late payment and fines imposed under rules made under section 91B; and (b) any money derived from any investment of the fund. (3) The Minister may at any time withdraw an approval given under subsection (2)(a). (4) Money standing to the credit of each fund is to be applied, as determined from time to time by the relevant controlling body in accordance with guidelines issued under subsection (5)— (a) for the advancement of the bookmaking profession; and (b) to defray the reasonable expenses of administering the fund. (5) For the purposes of subsection (4), a controlling body that establishes a fund under this section must issue guidelines for the administration of the fund, including guidelines— (a) specifying the method for determining payments from the fund (including the method for determining the reasonable expenses of administering the fund); and (b) providing a process for consultation between the controlling body and the bookmaking profession in respect of the application of the fund. (6) Guidelines made under subsection (5), and any amendments to them, do not come into operation until they are approved in writing by the Minister under section 91D. S. 91D inserted by No. 24/2000 s. 13.