New Zealand Legislation: Regulations

11 Timing requirements for distribution of proceeds for authorised purposes

• (1) A licence holder must distribute for authorised purposes,—

  • (a) during each of its financial years at least every quarter, all or nearly all of the net proceeds from the class 4 gambling during the financial year, and

  • (b) within 3 months after the end of each of its financial years, any remainder of the net proceeds from the class 4 gambling during the financial year.

  (2) The first financial year in relation to which a licence holder must comply with subclause (1) is the financial year that commences after the commencement of this regulation.