GAMING CONTROL ACT 1993 - SECT 76ZED Initial totalizator endorsement
GAMING CONTROL ACT 1993 - SECT 76ZED
Initial totalizator endorsement
(1) On the totalizator changeover day, TOTE Tasmania is, without further authority than this section, taken to have been granted a Tasmanian gaming licence (referred to in this section as "the transitional licence" ) with the following endorsements:(a) a totalizator endorsement;(b) an agent endorsement;(c) a race wagering endorsement;(d) a sports betting endorsement.(2) Despite section 76ZA , TOTE Tasmania may transfer the transitional licence at any time if the transfer (a) is to a TOTE subsidiary that is, within the meaning of the Corporations Act, a wholly-owned subsidiary of TOTE Tasmania; and(b) has the Minister's written approval; and(c) is effected on and in accordance with the conditions, if any, of that approval.(3) Despite section 76Z , the transitional licence (including the initial totalizator endorsement and other endorsements) continues in effect under and subject to this Act only until a terminating event occurs.(4) The transitional licence (a) authorises TOTE Tasmania, while holding that licence, to maintain and execute any subsisting business agreement until (i) that agreement for any reason ceases; or(ii) TOTE Tasmania's entitlements and obligations under that agreement are fully and finally realised and discharged; or(iii) a terminating event occurs; and(b) in so far as any subsisting business agreement may expressly or impliedly allow, confers like authority on a TOTE subsidiary to which the transitional licence may be transferred.(5) However, subsection (4) has effect subject to section 76VC(4) .(6) The holder of the transitional licence is not, in respect of anything done under that licence as regards the initial totalizator endorsement, subject to section 86 or Part 7 of the Racing Regulation Act 2004 .(7) In this section terminating event , for the transitional licence, means (a) if TOTE Tasmania is holding that licence, any one of the following:(i) the acquisition (by any person other than a TOTE subsidiary) of all of the shares in TOTE Tasmania consequent on a sale or transfer of those shares;(ii) the vesting (in any person other than a TOTE subsidiary) of the totalizator wagering business of TOTE Tasmania consequent on a sale or transfer of that business;(iii) TOTE Tasmania ceases to exist;(iv) an event prescribed by regulations for this paragraph; or(b) if a TOTE subsidiary is holding that licence consequent on a transfer pursuant to subsection (2) , any one of the following:(i) the acquisition (by any person other than another TOTE subsidiary) of all of the shares in TOTE Tasmania or the TOTE subsidiary consequent on a sale or transfer of those shares;(ii) the vesting (in any person other than another TOTE subsidiary) of the totalizator wagering business of the TOTE subsidiary consequent on a sale or transfer of that business;(iii) either TOTE Tasmania or the TOTE subsidiary ceases to exist;(iv) an event prescribed by regulations for this paragraph;totalizator wagering business , of TOTE Tasmania, means that part of the business of TOTE Tasmania authorised by the initial totalizator endorsement;TOTE subsidiary means a subsidiary, within the meaning of the Corporations Act, of TOTE Tasmania.