(a) Greyhound Purse Account.
(1) All money required to be set aside for purses,
whether from wagering on live races or simulcast races, are trust
funds held by an association as custodial trustee for the benefit
of kennel owners and greyhound owners. No more than three business
days after the end of each week's wagering, the association shall
deposit the amount set aside for purses into a greyhound purse account
maintained in a federally or privately insured depository.
(2) The funds derived from a simulcast race for purses
shall be distributed during the 12-month period immediately following
the simulcast.
(b) Kennel Account.
(1) An association shall maintain a separate bank account
known as the "kennel account". The association shall maintain in the
account at all times a sufficient amount to pay all money owed to
kennel owners for purses, stakes, rewards, and deposits.
(2) Except as otherwise provided by these rules, an
association shall pay the purse money owed from a purse race to those
who are entitled to the money not later than 10 days after the date
of the race and from a stakes race to those who are entitled to the
money immediately after the executive secretary advises the association
that all of the qualifying rounds and the final race have been cleared
for payment.
(c) The Texas Greyhound Association ("TGA") shall negotiate
with each association regarding the association's live racing program,
including but not limited to the allocation of purse money to various
live races, the exporting of simulcast signals, and the importing
of simulcast signals during live race meetings.
(d) If an association fails to run live races during
any calendar year, all money in the greyhound purse account may, at
the discretion of the TGA, be distributed as follows:
(1) first, payment of earned but unpaid purses; and
(2) second, subject to the approval of the TGA, transfer
after the above mentioned calendar year period of the balance in the
purse account to the purse account for one or more other association.
(e) If an association ceases a live race meet before
completion of the live race dates granted by the commission, the funds
in and due the greyhound purse account shall be distributed as follows:
(1) first, payment of earned but unpaid purses;
(2) second, retroactive pro rata payments to the kennel
owners; and
(3) third, subject to the approval of the TGA, transfer
within 120 days after cessation of live racing of the balance in the
greyhound purse account to the greyhound purse account for one or
more other associations.
(f) Administration of Accounts.
(1) An association shall employ a bookkeeper to maintain
records of the greyhound purse account and the kennel account.
(2) The Commission may at any time inspect, review
or audit any and all transactions relating to the greyhound purse
account and the kennel account.
|
Source Note: The provisions of this §309.361 adopted to be effective June 1, 2000, 25 TexReg 4736; amended to be effective March 13, 2002, 27 TexReg 1730; amended to be effective September 28, 2014, 39 TexReg 7574; amended to be effective March 13, 2016, 41 TexReg 1684 |