Cap. 438 Art. 50Authority to meet expenditure out of revenue and constitution of National Lottery Good Causes Fund. Cap. 174.

(1) Without prejudice to the following provisions of this article, the Authority shall so conduct its affairs that the expenditure required for the proper performance of its functions shall, as far as practicable, be met out of its revenue.

(2) For such purpose as is mentioned in subarticle (1) the

Authority shall levy all fees, rates, taxes, duties and other payments prescribed or deemed to be prescribed by or under this Act or any other law or regulations made thereunder related to the powers and functions of the Authority.

(3) The Authority shall also be paid by Government out of the Consolidated Fund such sums as the House may from time to time authorise to be appropriated to meet the costs of specified works to be continued or otherwise carried out by the Authority, being works of infrastructure or a similar capital nature.

(4) Any funds of the Authority, other than funds standing to the credit of the Gaming Authority National Lottery Reserve Fund referred to in subarticle (6), which are not immediately required to meet expenditure may be invested in such manner as may from time to time be approved by the Minister.

(5) Any excess of revenue over expenditure shall, subject to such directions as the Minister may from time to time give and subject to the provisions of subarticle (6), be applied by the Authority to the formation of reserve funds to be used for the purposes of the Authority; and without prejudice to the generality of the powers given to the Minister by this subarticle, any direction given by the Minister as aforesaid may order the transfer to the Government, or the application in such manner as may be specified in the direction, of any part of the fees, rates, taxes and duties and other payments levied in accordance with subarticle (2) or any such excess as aforesaid.

(6) Without prejudice to the powers of the Minister under subarticle (5), the Authority shall create and maintain a reserve fund, to be styled as the "Gaming Authority National Lottery Reserve Fund", to which there shall be credited and paid by the Authority, immediately upon receipt thereof -

(a) such percentage of the gross sums, fees, duties and, or taxes paid by the National Lottery licensee to the Authority in terms of article 31(4) as may be prescribed by regulations made by the Minister under this Act;

(b) the gross amounts paid by the National Lottery licensee to the Authority in terms of article 59(2); and

(c) any other amounts which the Authority is required to and all funds standing to the credit of the Gaming Authority National Lottery Reserve Fund after the end of each financial year shall, not later than six weeks from the end of such financial year, be paid by the Authority into the Treasury and shall be credited to the National Lottery Good Causes Fund created by subarticle (7). The Authority shall not dispose of or use any funds from time to time standing to the credit of the Gaming Authority National Lottery Reserve Fund in any manner or for any purpose other than as provided in this subarticle.

(7) There shall be created and kept in the Treasury Department an account to be styled "National Lottery Good Causes Fund" to which there shall be credited and paid the credit balance in the Gaming Authority National Lottery Reserve Fund paid by the Authority to the Treasury in terms of subarticle (6). The funds from time to time standing to the credit of the National Lottery Good Causes Fund shall be paid out by the Minister, without any further appropriation other than this Act, to such persons, organisations, bodies or other entities pursuing objectives of a religious, philanthropic, cultural, sports, educational, social or civic nature or in support of other deserving causes, and in such amounts, in such manner and at such times, as may be determined by the Minister from time to time after consultation with an Advisory Board appointed by him for the purpose.

(8) A statement of the receipts and expenditure of the National Lottery Good Causes Fund shall, as soon as possible after the close of each financial year and in any case not later than three months after the close of such year, be forwarded by the Accountant General to the Auditor General, and article 65(2) of the Financial Administration and Audit Act shall apply to such statement. The Minister shall, at the earliest opportunity and not later than four weeks after such statement has been certified by the Auditor General as provided in this subarticle, or if at any time during that period the House is not in session, within four weeks from the beginning of the next following session, cause a copy of such statement to be laid on the Table of the House.