S.L. 583.8 Art. 6Player funds protected from operator’s creditors. Cap. 12.

(1) Notwithstanding anything stated in any other law, and notwithstanding anything stated in any agreement which the authorised person may have entered into, the creditors of an authorised person shall have no claim or right of action on or against the player funds held by the authorised person for and on behalf of and in the interest of any player, and such funds shall not be affected in any manner by the provisions of laws and regulations in force regulating the insolvency or bankruptcy of the authorised person:

Provided that for the sake of clarity, any agreement or clause therein which conflicts with this sub-regulation shall, to the extent of such conflict, be deemed ipso jure null and void:

Provided further that in the event of commingling of player funds with the funds of the authorised person in contravention of this sub-regulation, the claims of players for player funds owed to them shall constitute a privileged claim, and shall be paid in preference to all other claims whether privileged or hypothecary.

(2) In the event of any such insolvency or bankruptcy or related order or resolution, or in the event that the Authority so requires, the authorised person or any administrator or receiver or other officer appointed to represent it by any court or otherwise shall, on demand of any player or of the Authority, immediately transfer the control, possession and title to all player funds held by such authorised person to such other person as may be instructed by the Authority.

(3) In the event that any funds held under the control of the authorised person are, at the request of any creditor of the authorised person, made subject to any precautionary or executive act or warrant granted by any Court in terms of the Code of Organization and Civil

Procedure, or any other similar measure, any players on whose behalf player funds are being held, the authorised person on behalf of the players or the Authority may, by application to the Court, request the release of the funds from such act, warrant or measure and the Court shall, on production of evidence as it may deem fit, accede to the application without undue delay.