Public Hospitals (Amendment) Act, 1939

Payments to the Board out of moneys received from the sale of tickets.

4.—(1) There shall be paid to the Board, out of the moneys received from the sale of tickets in the first sweepstake held after the 1st day of January, 1940, a sum equal to four per cent. of those moneys.

(2) If, on the day or the last of the days on which the drawing of prizes takes place in any sweepstake held at any time after the sweepstake mentioned in the next preceding sub-section of this section, the capital of the Reserve Fund is less than two hundred and fifty thousand pounds, there shall be paid to the Board out of the moneys received from the sale of tickets in such sweepstake whichever of the following sums is the lesser, that is to say:—

(a) the sum by which the Reserve Fund falls short of two hundred and fifty thousand pounds on the day or the last of the days on which the drawing of prizes in such sweepstake takes place, or

(b) a sum equal to four per cent. of the moneys received from the sale of tickets in such sweepstake.

(3) The following provisions shall apply and have effect in relation to the moneys payable in respect of any sweepstake to the Board under whichever of the foregoing sub-sections of this section is applicable, that is to say:—

(a) the said moneys shall be payable to the Board in priority next after paying or providing for the prizes distributed in such sweepstake and the expenses of holding such sweepstake, so far as such expenses are lawfully payable out of the moneys received from the sale of tickets in such sweepstake;

(b) the said moneys payable to the Board shall not be taken into account in computing the portion of the moneys received from the sale of tickets in such sweepstake on which the stamp duty imposed by section 50 of the Finance Act, 1932 (No. 20 of 1932), as applied by section 41 of the Finance Act, 1933 (No. 15 of 1933), is chargeable in respect of such sweepstake.