48Proceeds of the sale

#### 48 Proceeds of the sale 48 Proceeds of the sale > > (1) The proceeds of the sale of TAB Limited are to be paid into the Consolidated Fund so as to reduce net budget sector debt. > > > (2) There is to be applied out of the proceeds of sale for payment into the Racecourse Development Fund (the RDF) such amount (not exceeding $50 million) as the Treasurer is satisfied (after consultation with the Minister administering the RDF) is required to meet the commitments of the RDF. The Racecourse Development Fund is the fund of that name established under the [Totalizator Act 1916](/view/pdf/asmade/act-1916-75) and continued under the [Totalizator Act 1997](/view/html/inforce/current/act-1997-045). > > > (3) If the proceeds of the sale exceed an amount determined by the Treasurer for the purposes of this section as a fair return to the State on the sale, the Treasurer can direct payment out of the Consolidated Fund of that excess (or such part of it as the Treasurer thinks appropriate) to such persons, bodies or funds in the horse and greyhound racing industry in the State as the Treasurer thinks appropriate. The Treasurer’s direction is to be given by order published in the Gazette. > > > (4) The Consolidated Fund is appropriated to the extent necessary to make any payments required by this section. > > > (5) The proceeds of sale consist of any payment for the disposal of the shares of the State of New South Wales and any proceeds of the sale of an excluded undertaking determined by the Minister. > > > (6) There may be deducted from any proceeds of sale before payment into the Consolidated Fund such amount as the Minister approves to meet the expenses reasonably incurred in connection with the sale (including expenses incurred in connection with the conversion of TAB into a public company). > > **s 48:** Am 1997 No 151, Sch 1 \[28\].