Totalizator Act 1916 Rule abolishing consolation dividends in superfecta races (1994-624) [GG No 162 of 2.12.1994] (NSW)

1996—No. 624

TOTALIZATOR ACT 1916-RULE

(Abolishing consolation dividends in superfecta races)

NEW SOUTH WALES

[Published in Gazette No. 162 of 2 December 1994]

HIS Excellency the Governor, with the advice of the Executive Council, and in pursuance of the Totalizator Act 1916, has been pleased to make the Rule set forth hereunder.

CHRISTOPHER DOWNY, M.P.,

Minister for Sport Recreation and Racing.

Commencement

1. This Rule commences on 5 December 1994.

Amendments

2. The Totalizator Rule 1993 is amended:

(a) by omitting clause 4 (1) (b) of Schedule 6 and by inserting instead the following paragraph:

(b) if no investor has selected the 6 finishers in correct order, into the jackpot pool for the next superfecta race of the same type.

(b) by omitting clause 4 (4) (b) of Schedule 6 and by inserting instead

the following paragraph:

(b) if no investor has selected the 5 finishers in correct order, into the jackpot pool for the next superfecta race of the same type.

(c) by omitting clause 5 of Schedule 6;

(d) by omitting from clause 7 of Schedule 6 the matter “, 5”

wherever appearing.

(e) by omitting from clause 7 of Schedule 6 the words “, consolation pool" wherever occurring.

1994—No. 624

EXPLANATORY NOTE

The object of this Rule is to discontinue the current practice of paying consolation dividends in superfecta races. If no investor has selected the first 5 or 6 finishers in a superfecta race in correct order, the dividend pool will be paid into the jackpot pool for the next superfecta race of the same type, not the consolation pool.

This Rule is made under the Totalizator Act 1916, including section 20 (2).