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PART 3
Horse and Greyhound Racing Fund
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Establishment of Fund.
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12.—(1) There shall stand established, on the establishment day, a fund to be known as the Horse and Greyhound Racing Fund, in this Act referred to as the “Fund”, for the purpose of giving support to horse and greyhound racing.
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(2) The Fund shall be managed and controlled by the Minister.
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(3) The Minister shall pay into the Fund out of moneys provided by the Oireachtas, in the year 2001, an amount, determined by the Revenue Commissioners, equivalent to the revenue paid into the Exchequer in the year 2000 from excise duty on off-course betting.
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(4) The Minister shall pay into the Fund out of moneys provided by the Oireachtas, in the year 2002 and in each subsequent year, an amount, determined by the Revenue Commissioners, equivalent to the revenue from excise duty on off-course betting paid into the Exchequer in the preceding year or the year 2000 increased by reference to the Consumer Price Index, whichever is the greater.
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(5) The total aggregate amount paid into the Fund under subsections (3) and (4) shall not exceed £200,000,000 or such other increased amounts as may stand specified in regulations made by the Minister with the consent of the Minister for Finance.
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(6) The Minister shall pay out of the moneys paid into the Fund in each year—
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(a) 80 per cent. to HRI, and
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(b) 20 per cent. to Bord na gCon.
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(7) The Minister may by regulations vary the percentages specified in subsection (6).
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(8) HRI and Bord na gCon shall apply moneys paid to them from the Fund only in the performance of their functions.
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(9) (a) Payments from the Fund under subsection (6) shall be by instalments.
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(b) The number of instalments and the amount of any such instalment shall be decided by the Minister based on an assessment of the financial needs at any time of HRI and Bord na gCon.
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(10) HRI and Bord na gCon shall each with respect to moneys paid to them from the Fund prepare and submit to the Minister—
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(a) strategic plans in accordance with the Strategic Management Initiative of the Government, and
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(b) business, financial and development plans,
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in such manner and at such intervals as required by the Minister with reference to the application of those moneys.
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(11) All payments from the Fund to HRI and Bord na gCon shall be exempt from taxation.
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(12) A statement of moneys paid into and out of the Fund shall be shown in a special note to the Appropriation Account under the Agriculture, Food and Rural Development Vote.
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(13) A draft of every regulation proposed to be made under this section shall be laid before each House of the Oireachtas and the regulation shall not be made until a resolution approving of the draft has been passed by each such House.
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