Racing Amendment Bill

                               Government Bill

              As reported from the committee of the whole House

This bill was formerly part of the Reserve Bank of New Zealand Amendment Bill 
as reported from the Finance and Expenditure Committee. The committee of the 
whole House has divided the bill into the following bills:
 
o   The Reserve Bank of New Zealand Amendment Bill, 
    comprising Part 1

o   This bill, comprising Part 2.


                            Hon Dr Michael Cullen 

                            Racing Amendment Bill

                                Government Bill

                                  Contents 

1    Title

2    Commencement

                 .         .        .        .        .

11   Principal Act amended

12   Racing clubs may conduct equalisator betting

13   Amounts of dividends


The Parliament of New Zealand enacts as follows:


    1 Title

This Act is the Racing Amendment Act 2006.


    2 Commencement

This Act comes into force on 1 November 2006.

                 .         .        .        .        .


    11 Principal Act amended

This Part amends the Racing Act 2003.


    12 Racing clubs may conduct equalisator betting

Section 51(3) is amended by omitting "section 60(2) and (3)," and substituting 
"rules made under section 52 stating the denomination to which dividends are to 
be rounded and paid out,".


    13 Amounts of dividends

  (1)  Section 60 is amended by repealing subsection (2) and substituting the 
following subsection:

    "(2)  Rules made under sections 52 and 54 must state the denomination to 
which dividends will be rounded and paid out by the Board or, in the case of 
equalisator betting, a racing club."

  (2)  Section 60 is amended by repealing subsection (3) and substituting the 
following subsection:

    "(3)  All amounts not payable as part of a dividend because of rounding in 
accordance with rules made under sections 52 and 54 may be retained by the 
Board, or the racing club conducting equalisator betting, and must be regarded 
for all purposes as part of the Board's or the racing club's funds."
 
                         Legislative history

24 October 2006   Divided from Reserve Bank of New Zealand Bill 
                  (Bill 63-2) as Bill 63-3A