sec.164Dividends

sec.164 Dividends

An authority operator, after deducting the operator’s commissions under section 163 , must pay by way of dividends all amounts invested in totalisators conducted by the authority operator on events or contingencies. In calculating a dividend— a fraction of 10c less than 5c is to be disregarded; and a fraction of 10c equal to or greater than 5c is to be taken to be 5c. Subsections (4) and (5) apply if— under the rules, a minimum dividend decided by the authority operator applies in relation to an investment in a totalisator conducted by the operator; and the application of subsection (2) in calculating the amount of a dividend to be paid under subsection (1) in relation to the investment would result in the amount of the dividend being less than the amount of the minimum dividend. Subsection (2) does not apply in calculating the dividend. For subsection (1) , the amount of the dividend is taken to be an amount equal to the minimum dividend. An amount that, apart from subsection (2) or (5) , would be required to be included in a dividend (an unpaid fraction ) may be retained by the authority operator. s 164 amd 2021 No. 7 s 71 (sec.164-ssec.1) An authority operator, after deducting the operator’s commissions under section 163 , must pay by way of dividends all amounts invested in totalisators conducted by the authority operator on events or contingencies. (sec.164-ssec.2) In calculating a dividend— a fraction of 10c less than 5c is to be disregarded; and a fraction of 10c equal to or greater than 5c is to be taken to be 5c. (sec.164-ssec.3) Subsections (4) and (5) apply if— under the rules, a minimum dividend decided by the authority operator applies in relation to an investment in a totalisator conducted by the operator; and the application of subsection (2) in calculating the amount of a dividend to be paid under subsection (1) in relation to the investment would result in the amount of the dividend being less than the amount of the minimum dividend. (sec.164-ssec.4) Subsection (2) does not apply in calculating the dividend. (sec.164-ssec.5) For subsection (1) , the amount of the dividend is taken to be an amount equal to the minimum dividend. (sec.164-ssec.6) An amount that, apart from subsection (2) or (5) , would be required to be included in a dividend (an unpaid fraction ) may be retained by the authority operator.

• (a) a fraction of 10c less than 5c is to be disregarded; and
• (b) a fraction of 10c equal to or greater than 5c is to be taken to be 5c.
• (a) under the rules, a minimum dividend decided by the authority operator applies in relation to an investment in a totalisator conducted by the operator; and
• (b) the application of subsection (2) in calculating the amount of a dividend to be paid under subsection (1) in relation to the investment would result in the amount of the dividend being less than the amount of the minimum dividend.