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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.