New South Wales Consolidated Acts

LOTTERIES AND ART UNIONS ACT 1901 - SECT 6B

6B Substitution of prizes

(1) In this section:
"major prize" means a prize of a value exceeding an amount prescribed for the purposes of this definition.
"prize", in relation to an art union, means whatever was, when the art union was first formed, proposed to be allotted or distributed by the art union by chance or otherwise among the several members, subscribers or contributors forming part of the art union.

(2) Subject to subsections (4) and (5), the Minister may approve of the substitution by an art union of a prize if the Minister is satisfied that the prize has been lost or destroyed or for any other reason cannot be allotted or distributed by the art union.

(3) An application for the Minister’s approval under subsection (2) shall be made in writing to the Minister.

(4) Where a prize is a major prize, the Minister shall not approve of the substitution by an art union of that prize unless:

(a) the Minister is satisfied that subscribers or contributors to the art union have been given adequate opportunity to withdraw from membership of the art union, and

(b) the Minister is satisfied that any regulations made under this Act relating to the substitution of prizes and the refund of subscriptions or contributions have been complied with.

(5) Whatever is proposed to be substituted for a prize pursuant to this section must be, in the opinion of the Minister, substantially similar to, and not less in value than, that prize.

(6) Whatever is approved by the Minister under this section to be substituted for a prize shall be deemed to be, and always to have been, that prize.