Application of net earnings of casino under management
22I Application of net earnings of casino under management
The net earnings of a casino while operations in the casino are being conducted by a manager are to be applied as follows—
first, amounts approved by the Commission to defray the reasonable costs and expenses of the manager, including remuneration, are payable from the net earnings;
secondly, a fair rate of return on the managed property is to be paid to the casino operator;
thirdly, any remaining balance is to be paid into the Consolidated Fund or to the casino operator, at the direction of the Commission.
If the net earnings of a casino are insufficient to pay the costs and expenses of the manager referred to in subsection (1)(a), the manager may recover the remainder of those costs and expenses from the casino operator in a court of competent jurisdiction as a debt.
S. 22J inserted by No. 30/2023 s. 4.
The statute text is free to read above. View Pro plans to unlock the case-law research tools for each provision.