Public Charitable Hospitals (Temporary Provisions) Act, 1930

Deposit of amount or value of prizes.

4.—(1) Whenever a sweepstake is held under this Act the committee managing such sweepstake shall, where it is intended that there shall be only one drawing of prizes in such sweepstake, cause to be deposited in accordance with this section a sum equal to the total amount or value of the prizes in such sweepstake or, where it is intended that there shall be two or more drawings of prizes in such sweepstake, cause to be deposited in relation to each such drawing and in accordance with this section a sum equal to the total amount or value of the prizes in such sweepstake to be drawn for at such drawing.

(2) A deposit under this section may be made either by the deposit of money or by the deposit of sound marketable stocks, shares or securities, and if made by the deposit of such securities, the value of such securities shall for the purposes of this section be taken to be the market price thereof on the day on which such deposit is made.

(3) Every deposit under this section shall be made before the date named in that behalf in the scheme relating to such sweepstake as sanctioned, by the Minister, and in the bank and in the names of the trustees named in such scheme, and where made by the deposit of securities, shall be made by depositing the securities specified in that behalf in such scheme.

(4) A deposit under this section shall be made in a public bank in Saorstát Eireann and shall be made in the names of not less than three trustees.

(5) The trustees in whose names moneys or securities are deposited under this section shall, out of such moneys or securities, pay or provide, to or for the person entitled thereto under the terms of the drawing in relation to which such deposit was made, every (if any) prize drawn at such drawing which is not duly paid or provided by the committee managing the sweepstake in which such drawing is made, and for that purpose such trustees may realise all or any of such securities.

(6) When all prizes drawn at the drawing in relation to which a deposit is made under this section have been fully paid or provided, whether without resort to such deposit or wholly or partly out of such, deposit, the trustees in whose name such deposit is standing shall return to the person by whom the moneys or securities comprised in such deposit were provided the whole or so much as is not otherwise applied under this section (as the case may require) of such moneys and securities.

(7) If the drawing of prizes in relation to which a deposit is made under this section is, with the consent of the Minister, not made the trustees in whose name such deposit is standing shall return the moneys or securities comprised in such deposit to the person by whom they were provided.

(8) All interest accruing during the continuance of a deposit made under this section on the moneys or securities comprised in such deposit shall belong and be payable to the person by whom such moneys or securities were provided.