Public Hospitals Act, 1933

Deposit to secure payment of prizes.

8.—(1) Whenever a sweepstake is held under this Act, the sweepstake committee managing such sweepstake shall make or cause to be made, in respect of the drawing or each of the several drawings (as the case may be) of prizes in such sweepstake, a deposit (in this Act referred to as the deposit) in accordance with the following provisions, that is to say:—

(a) such deposit shall be made by depositing in the bank named in that behalf in the scheme relating to such sweepstake and in the names of the sweepstake trustees named in such scheme such moneys or securities as are hereinafter mentioned;

(b) where every prize to be drawn for at the drawing in respect of which the deposit is made is either of a fixed amount or not a sum of money, the deposit shall be equal in amount or value to the total amount or value of such prizes and shall be made before the sale of any tickets in such sweepstake;

(c) where the amount or value of all or any of the prizes to be drawn for at the drawing in respect of which the deposit is made is wholly or partly dependent on or to be calculated by reference to the amount of the moneys received from the sale of tickets in such sweepstake, the deposit shall be made at such time and be of such amount and be so increased from time to time that the amount of the deposit shall not at any time be less than the sum which would be the total amount or value of the prizes to be drawn for at such drawing if such amount or value were calculated by reference to the amount of the moneys at that time already received from the sale of tickets in such sweepstake;

(d) where in a case to which the next foregoing paragraph applies a minimum amount or value is specified in relation to the prizes to be drawn for at the drawing in respect of which the deposit is made, so much of such deposit as is equal to such minimum amount or value shall be made before any tickets are sold for the drawing in respect of which such minimum is specified, and such additions (if any) as the case may require shall be made thereto from time to time in accordance with the said foregoing paragraph;

(e) the deposit may be made in either or both of the following ways, that is to say, by the deposit of money or by the deposit of sound marketable stocks, shares, or securities of a description specified in that behalf in the scheme relating to such sweepstake;

(f) the value for the purposes of this section of any stocks, shares, or securities included in the deposit shall be taken to be the market price thereof on the day on which they are deposited.

(2) The interest, dividends, and other income accruing during the continuance of the deposit on moneys or on stocks, shares, or securities included in the deposit shall not form part of such deposit, but shall belong and be payable to the person by whom such moneys, stocks, shares, or securities were provided.