Horse Racing FundN.I.
3.—(1) There shall continue to be and to be maintained a fund to be called the Horse Racing Fund which shall be under the control and management of the Department and shall be used for the financing of the Corporation and the Company with the object of assisting the operation and development of horse racecourses in the vicinity of the Maze and at Downpatrick, in the County of Down.
(2) Any expenses incurred by the Department in administering the Fund shall be paid out of the Fund.
(3) There shall be credited to and paid into the Fund all money received by the Department under Article 9(1).
(4) The Corporation and the Company shall on or before 31st October in each year submit to the Department a statement of the proposed budget and expenditure plans of the Corporation and the Company for the year commencing on 1st January next following.
(5) Where, after consideration of the statement submitted to it under paragraph (4) and after consultations with such persons as the Department may think fit, the Department is satisfied that the Corporation or, as the case may be, the Company has complied with the provisions of this Order, the Department may make such payments out of the Fund on such basis and in such proportion as the Department considers proper, being payments—
(a)to provide or supplement prize money;
(b)to provide or improve technical or other services, being services with respect to the operation of racing;
(c)for other purposes of the Corporation or the Company, being purposes to ensure the safety of spectators at race meetings or the proper conduct of racing.
(6) The Department may make the payments referred to in paragraph (5)( a ) to the Irish Turf Club in respect of claims for prize money submitted to the Department by the Corporation and the Company.