Malaysia legislation
Section 16
Section 16
(2)
Any scheme prepared under this section may provide for—
(a)
the administration of the scheme, and for the establishment, maintenance and operation of totalizators and totalizator agencies and for the carrying out of the functions of the
Board under the scheme;
(b)
the receiving at totalizators and totalizator agencies of totalizator investments in respect of horse races, the credit facilities in respect of such investments, the manner in which such investments may be made and the times at which and the conditions upon or subject to which such investments may be made and received;
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Racing (Totalizator Board)
(c)
the transmission or not, as the case may be, of particulars of the investments referred to in paragraph (b) to the totalizator on the race course where the race meeting is being held, and for failure of such transmission;
(d)
the payment at or from totalizators and totalizator agencies of dividends payable in respect of totalizator investments received and the times at which and the manner in which such dividends may be paid;
(e)
the method of calculation of the dividends payable as aforesaid out of moneys received as totalizator investments;
(f)
the method of accounting as between the Board, turf clubs and totalizator agencies in respect of investments, dividends and commission;
(g)
such other matters as may be necessary for the proper operations and control of totalizators and totalizator agencies, or for the operation of the scheme.
(3)
The Board may from time to time submit to the Minister for his approval any variation of any scheme or any part thereof for the time being in force under this section, or any new scheme in substitution for any such scheme as aforesaid.
(4)
No scheme or any part thereof, and no variation of any such scheme or part thereof, shall come into force until approved in writing by the Minister.
(5)
Every approved scheme and any variation thereof shall be published in the Gazette.
(6)
The Yang di-Pertuan Agong may by order notified in the
Gazette suspend or revoke any approved scheme or variation of an approved scheme, or any part thereof, and any such suspension or revocation shall have the effect of a repeal of such scheme or part, as the case may be.
Calculation of dividend