PHILIPPINE LAWS, STATUTES AND CODES - CHAN ROBLES VIRTUAL LAW LIBRARY

REPUBLIC ACTS

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REPUBLIC ACT NO. 474

REPUBLIC ACT NO. 474 - AN ACT TO AMEND SECTION NINETEEN OF REPUBLIC ACT NUMBERED THREE HUNDRED AND NINE, ENTITLED "AN ACT TO REGULATE HORSE-RACING IN THE PHILIPPINES"

Section 1. The first sentence of the proviso appearing in section nineteen of Republic Act Numbered Three hundred and nine is amended to read as follows: "Provided, however, That of the twelve and one-half per centum representing the commission of the person, race-track, racing club, or any other entity holding horse-racing, an amount equivalent to one-half per centum of the total wager funds or gross receipts from the sale of tickets, plus twenty-five per centum of the breakage, shall be set aside and turned over by the person, race-track, racing club, or any other entity holding horse-racing as a special fund to the Commission on Races to cover its expenses and such other purposes authorized under this Act." Sec. 2. This Act shall take effect upon its approval. Approved: June 9, 1950

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