Racing and Betting Act Amendment Act 1981 (No. 2) (Qld)

635 (ueextsltxtb ANNO TRICESIMO ELIZABETHAE SECUNDAE REGINAE No. 75 of 1981 An Act to amend the Racing and BettingAct 1980 -1981 in certain particulars [ASSENTED TO 22ND OCTOBER, 1981

636 Racing and BettingAct Amendment Act (No. 2) 1981, No. 75 BE IT ENACTED by the Queen ' s Most Excellent Majesty, by and with the advice and consent of the Legislative Assembly of Queensland in Parliament assembled , and by the authority of the same, as follows:- 1. Short title and citation . (1) This Act may be cited as the Racing and Betting Act Amendment Act 1981 (No. 2). (2) In this Act the Racing and Betting Act1980-1981 is referred to as the Principal Act. (3) The Principal Act as amended by this Act may be cited as the Racing and Betting Act1980-1981. 2. New ss. 126A and 126B. The Principal Act is amended by inserting after section 126 the following sections:- " 126A. Corporation may acquire property . In addition to the power to make advances from moneys from time to time in the Fund the Corporation may apply those moneys in the acquisition of land, whether held on freehold or leasehold tenure, together with any improvements thereon with a view to establishing, extending or developing the land as a racing venue and may apply those moneys to establish, extend or develop the land and improvements accordingly. For the purposes of this section the term " develop " includes erect, construct, reconstruct, improve, repair, replace or substitute. 1266. Financial Accommodation to the Corporation . (1) If at any time there are insufficient moneys in the Fund to allow the Corporation to exercise any of its powers or perform any of its functions or duties under this Act, the Governor in Council may, on the recommendation of the Treasurer, approve that the Fund be overdrawn by such amount, for such period and on such terms and conditions as the Treasurer thinks fit. (2) The Corporation shall not enter into commitments with respect to expenditure from the Fund which could result in the Fund being overdrawn at any time without the prior approval of the Governor in Council given on the recommendation of the Treasurer and the Corporation shall furnish to the Treasurer each year a 5 year estimate of expenditure from the Fund based on known and anticipated commitments.

Racing and Betting Act Arnendment Act (No. 2) 1981, No. 75 637 (3) Notwithstanding the provisions of any other Act or law, financial accommodation to the Corporation shall be extended only in accordance with the provisions of this section.".