The Olympic Lottery Distribution Fund (Winding Up) Order 2015
2015No. 85
BETTING, GAMING AND LOTTERIES
The Olympic Lottery Distribution Fund (Winding Up) Order 2015
29thJanuary2015
The Secretary of State makes the following Order, in exercise of the powers conferred by section 28(1) to (3) of the Horserace Betting and Olympic Lottery Act 2004( 1).
In accordance with section 36(4) of that Act, the draft of this Order was laid before Parliament and approved by a resolution of each House of Parliament.
Citation and commencement
1. This Order may be cited as the Olympic Lottery Distribution Fund (Winding Up) Order 2015 and comes into force on the day after the day on which it is made.
Interpretation
2. In this Order-
"NLDF" means the National Lottery Distribution Fund( 2);
"OLDF" means the Olympic Lottery Distribution Fund( 3);
"winding-up date" means the first working day after the day this Order is made;
"working day" means a day which is not a Saturday, a Sunday or a bank holiday under the Banking and Financial Dealings Act 1971( 4) in any part of the United Kingdom.
Winding up of the OLDF
3. On the winding-up date-
(a) the Secretary of State must pay any money in the OLDF into the NLDF, and(b) immediately after any such payment is made, the OLDF is wound up.Money due to the OLDF
4. Any money due to the OLDF must, after the winding up of the OLDF, be paid into the NLDF.
Treatment of payments
5. Any payment made under articles 3(a) or 4 is to be treated as having been paid into the NLDF by virtue of section 5(6) of the National Lottery etc. Act 1993( 5) (general payments into fund).
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Helen Grant Minister for Sport and Tourism Department for Culture, Media and Sport |
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29th January 2015 |
EXPLANATORY NOTE
(This note is not part of the Order)
This Order winds up the Olympic Lottery Distribution Fund ("OLDF").
Article 3 provides that on the first working day after the day on which the Order is made, the Secretary of State is to pay any money in the OLDF into the National Lottery Distribution Fund ("NLDF") and that the OLDF is wound up immediately afterwards.
Article 4 provides that any money due to the OLDF must, after the winding up of the OLDF, be paid into the NLDF.
Article 5 specifies that any payment under articles 3(a) or 4 is to be treated as having been paid into the NLDF by virtue of section 5(6) of the National Lottery etc. Act 1993 (c. 39). This results in the payment being apportioned within the NLDF as provided in section 22 of that Act.
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