Lotteries Commission Act 1990

Subject to this Act, the Commission shall be responsible for managing its own finances.

The funds and property available to the Commission for the purposes of this Act are —

moneys received by the Commission under this Act in respect of lotteries conducted by it; and

any moneys derived from investment under section 21; and

any other moneys or property that may lawfully be received by the Commission for the purposes of this Act.

The moneys referred to in subsection (2) shall be paid into, and placed to the credit of, banking accounts opened with the approval of the Treasurer and operated for the purposes of this Act, which together shall be taken to constitute an account known as the Lotteries Commission Account.

All expenditure incurred by the Commission for the purpose of performing its functions under this Act shall be paid from an account forming a part of the Lotteries Commission Account referred to in subsection (3) and moneys standing to the credit of the Lotteries Commission Account shall be applied only for the purposes of this Act.

The Commission shall not permit the bank accounts constituting the Lotteries Commission Account to be overdrawn except with the approval of, and subject to any terms and conditions imposed by, the Treasurer.

The total expenses of conducting lotteries in any one year including add‑on commissions payable on subscriptions, the allowances and remuneration of the members of the Commission and all other expenses attributable to those lotteries shall not in that year exceed 25% of the gross amount received from commissions and subscriptions.

The Commission may, with the approval in writing of the Minister, apply part or all of the balance of moneys remaining after the deductions and repayments referred to in section 24(a) to (f) on the purchase, acquisition, maintenance and improvement of lands and buildings held or intended to be held for an approved purpose or for the purposes of this Act.