S.I. No. 160/1981 - Totalisator (Horse Racing) (Amendment) Regulations, 1981.

I, GENE FITZGERALD, Minister for Finance, in exercise of the powers conferred on me by Section 6 (1) of the Totalisator Act, 1929 (No. 22 of 1929), hereby make the following Regulations:

1. These Regulations may be cited as the Totalisator (Horse Racing) (Amendment) Regulations, 1981.

2. The Interpretation Act, 1937 (No. 38 of 1937), applies to these Regulations.

3. The Totalisator (Horse Racing) Regulations, 1971 ( S.I. No. 57 of 1971 ), are hereby amended by the substitution of the following regulation for Regulation 13:

"(13) Every amount distributable in respect of a successful totalisator ticket shall be calculated in multiples of one penny and for that purpose every fraction of a penny shall, as the Board may in its absolute discretion think proper in respect of each such fraction, either be rounded up to the next multiple of a penny or be disregarded."

GIVEN under my Official Seal this 30th day of April, 1981.

GENE FITZGERALD,

Minister for Finance.

EXPLANATORY NOTE.

This Instrument gives the Racing Board power to calculate Totalisator Dividends to the nearest penny. The purpose of this change is to enable the Board to have a Unit bet of ten pence, with a dividend calculated to the nearest penny, instead of a Unit Bet of twenty pence with a dividend calculated to the nearest two pence.