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Application of funds of the Board.
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16.—(1) The Board may apply its funds for all or any of the following purposes, that is to say:—
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(a) the payment of expenses incurred by it in the exercise and performance of its powers and duties under this Act,
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(b) the payment of any moneys in accordance with the terms of any totalisator licence held by it,
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(c) the making of payments, grants or loans for all or any one or more of the following purposes—
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(i) the increase of stake-money and prizes at horse races held at authorised racecourses,
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(ii) the reduction of entrance fees and similar charges in respect of such horse races,
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(iii) the carriage of horses competing at such race meetings,
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(iv) the reduction of the charges to the public for admission to authorised racecourses,
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(v) the improvement of authorised racecourses and the amenities thereof,
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(vi) any other purpose, approved by the Minister, conducive to the improvement of horse-racing,
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(vii) any purposes, approved by the Minister, conducive to the improvement of the breeding of horses or to the development of the export trade in horses.
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(2) The Board may attach to any grant or loan made or proposed to be made by it under this section such conditions as the Board thinks proper.
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