4Enforcement of registration bonds

4 Enforcement of registration bonds

(1)  In this regulation –

guarantor, in relation to a registration bond, means the person who, on applying for registration as a bookmaker or for an on-course telephone betting endorsement, an off-course telephone betting endorsement or an off-course function betting endorsement, gave Tasracing the registration bond;

registration bond means a bond of indemnity or other form of security given under sections 135 or 151 of the Act;

security amount means the amount of the cash, money on fixed deposit, bond, guarantee, government security or other kind of security comprising a registration bond;

surety means a person who goes surety for a guarantor in respect of a registration bond.

(2)  The following provisions apply to a registration bond:

(a) the registration bond continues in force for –

(i) in the case of a registration bond given under section 135 of the Act, the whole period of the guarantor's registration as a bookmaker and the 6-month period immediately following that period of registration; and

(ii) in the case of a registration bond given under section 151 of the Act, the whole period during which the guarantor's on-course telephone betting endorsement, off-course telephone betting endorsement or off-course function betting endorsement is in force and the 6-month period immediately following the expiration, cancellation or surrender of that endorsement;

(b) Tasracing may enforce the registration bond if Tasracing is of the opinion that the guarantor has defaulted in the payment of one or more of the following while the bond is in force:

(i) any commission or other money payable by the guarantor to Tasracing in observance of, or compliance with, the provisions of the Act;