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S.I. No. 571/1998 - Irish Horseracing Industry Act, 1944 Horseracing (Interest on Late Payment of Levies on Course Bets) Regulations, 1998.

ARRANGEMENT OF ARTICLES

Page

PART I

CITATION, COMMENCEMENT AND DEFINITIONS

1. Citation and Commencement

3

2. Definitions

3

PART II

LEVIES PAYABLE BY AUTHORISED BOOKMAKERS ON COURSE BETS

3. Reduction in rate of interest to be charged

4

4. Amendments to Regulations

4

IRISH HORSERACING INDUSTRY ACT, 1994

HORSERACING (INTEREST ON LATE PAYMENT OF LEVIES ON COURSE BETS) REGULATIONS, 1998

The Irish Horseracing Authority in exercise of the powers conferred upon it by sub-section (4)(b)(ii) of Section 54 of the Irish Horseracing Industry Act, 1994 and with the consent of the Minister for Agriculture and Food hereby makes the following Regulations: -

PART I CITATION, COMMENCEMENT AND DEFINITIONS

1 Citation and Commencement

1. (a) These Regulations may be cited as the Horseracing (Interest on Late Payment of Levies on Course Bets) Regulations, 1998.

(b) These Regulations shall come into operation on the 1st day of February, 1999.

2 Definitions-

2. (a) in these Regulations-

  "the Act" means the Irish Horseracing Industry Act, 1994 ;

  "the Authority" means the Irish Horseracing Authority established by the Act;

  "the Levy" means the levy payable under Section 54 of the Act.

(b) In these Regulations words and phrases which are defined in the Act and not in these Regulations shall have the meaning given to them in the Act.

(c) The Interpretation Act, 1937 applies to the interpretation of these Regulations in like manner as it applies to the interpretation of an Act of the Oireachtas.

PART II LEVIES PAYABLE BY AUTHORISED BOOKMAKERS ON COURSE BETS

3 Reduction in rate of interest to be charged

3. In exercise of the powers conferred on the Authority by sub-section (4)(b)(ii) of Section 54 of the Act, the interest rate specified in sub-section (4)(b)(i) of Section 54 of the Act is hereby reduced to 10 per cent. per annum.

4 Amendments to Regulations:

4. These Regulations may, with the consent of the Minister, be amended from time to time by the Authority.

Given under the Seal of the Authority this 18th day of December, 1998.

Edmund Browne

Member of the Authority

Patrick Walsh

Secretary of the Authority

I hereby consent to the above Regulations.

Joe Walsh, TD

Minister for Agriculture and Food