Singapore legislation

Clause 12

Calculation of dividend

Except as may be provided under any approved scheme, it shall be the duty of the Board and a turf club operating a totalisator on behalf of the Board under an approved scheme to pay out by way of dividend all moneys received from investments on the totalisator after deducting —

(a)

the amount of any duty charged under the Betting and Sweepstake Duties Act (Cap. 22); and

(b)

by way of commission 10%, or such other amount (whether greater or lesser than 10%) as may be prescribed by any regulations made under section 21, of all such moneys:Provided that —

(i)

it shall not be necessary to pay out fractions of a dollar;

(ii)

any investment on any horse which is scratched or otherwise withdrawn in accordance with the rules of racing applied by any approved scheme shall be refunded without deduction of such duty and commission.

Read in full context — Singapore Totalisator Board Bill →