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Lotteries and Amusements Act 1976

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This is the original version (as it was originally enacted).

8Proceeds of local lotteries

(1)A local authority shall pay the whole proceeds of a local lottery, after deducting the expenses of promoting it and the sums required for prizes, into a fund (in this section referred to as a " lottery fund "), and any money in such a fund shall be invested by the local authority and any income arising from such investment shall be credited to the fund.

(2)It shall be the duty of a local authority to maintain a separate lottery fund for each local lottery which they promote.

(3)The payment by a local authority out of their rate fund, within the meaning of subsection (7) of section 1 of the [1974 c. 7.] Local Government Act 1974, of money accruing from a local lottery shall not be relevant expenditure within the meaning of subsection (4) of that section.

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