F3Part I Betting
Contributions for benefit of horse racing by bookmakers and Totalisator Board
C225 General powers and duties of Levy Board. C1
F31
The Levy Board shall have power—
a
with the approval of, and subject to any conditions imposed by, the Secretary of State, to engage in any activity connected with any of the matters specified in section 24(1)(a) to (c) of this Act;
b
to acquire and hold such land as may be reasonably required for the purposes of any of their functions and to sell or lease any land held by them which is not required for those purposes;
c
to borrow for the purposes of any of their functions and to give security for any moneys borrowed by them;
d
to lend or invest money for the purposes of or in connection with any activity in which they have power under paragraph (a) of this subsection to engage;
F1e
to make such other investments as—
i
they judge desirable for the proper conduct of their affairs, and
ii
a trustee would be able to make under the general power of investment in section 3 of the Trustee Act 2000 (as restricted by sections 4 and 5 of that Act);
f
to do all such things as are incidental to, or conducive to the attainment of the purposes of, any of their functions.
2
The Levy Board shall apply any moneys from time to time available in their hands—
a
in providing for the payment of rates, taxes, charges, expenses and other outgoings, including any sums which they are required or authorised to pay by virtue of F2any enactment;
b
in retaining such sums and making provision for such matters as they think proper in connection with any of their functions;
c
in making such payments as they think fit for charitable purposes;
d
subject to the foregoing paragraphs of this subsection, in making payments, in accordance with schemes from time to time prepared by the Levy Board and approved with or without modifications by the Secretary of State, for such purposes as are mentioned in section 24(1) of this Act.
Act repealed (1.1.2007 for the repeal of Sch. 2 para. 10, 1.9.2007 in so far as not already in force) by Gambling Act 2005 (c. 19), ss. 356(3), 358(1), Sch. 17 (with ss. 352, 354); S.I. 2006/3272, art. 2(1), Sch. 1 (with arts. 7-12,Sch. 4); S.I. 2006/3272. art. 3 (as amended by S.I. 2007/2169, art. 4)