REPUBLIC ACT NO. 1933 - AN
ACT FURTHER AMENDING SECTION NINETEEN OF REPUBLIC ACT NUMBERED THREE
HUNDRED NINE, AS AMENDED, SO AS TO PROVIDE FOR A MORE EQUITABLE
DISTRIBUTION OF RECEIPTS IN HORSE RACES |
Section
1. Section nineteen of Republic Act Numbered Three
hundred nine, as amended, is further amended to read as
follows: "Section 19.
Distribution of receipts. – The total wager funds or gross receipts
from the sale of pari-mutuel tickets shall be apportioned as follows:
eighty-seven and one-half per centum shall be distributed in the form
of dividends among the holders of win, place and show horses, as the
case may be, in the regular races; six and one-half per centum
shall be set aside as the commission of the person, racetrack, racing
club, or any other entity conducting the races; five and one-half
per centum shall be set aside for the payment of stakes or prizes for
win, place and show horses and authorized bonuses for jockeys; and
one-half per centum shall be paid to a special fund to be used by
the Games and Amusements Board to cover its expenses and such other
purposes authorized under this Act. In the case of daily-double and
llave races, the gross receipts derived from the total sale of tickets
for said races shall be apportioned in the following manner:
eighty-five per centum shall be distributed in the form of dividends
among the holders of the winning combination of horses, that is, the
two horses that won first place in the two races in the case of the
daily-double, and among the holders of the winning combination of
horses, that is, the two horses that won first and second place, or
either way, in the case of the llave; eight and one-half per
centum shall be set aside as the commission of the person, racetrack,
racing club, or any other entity holding the horse races; six per
centum for the payment of stakes or prizes for win, place and show
horses; and one-half per centum as a special fund to be used by
the Games and Amusements Board to cover its expenses and such other
purposes authorized under this Act. Any unexpended balance of this
special fund at the end of each year in excess of ten thousand pesos
shall be turned over to the Bureau of Animal Industry to be used by the
latter exclusively for the promotion of horse-breeding in the
Philippines." Sec. 2. This Act shall take effect upon its approval.cralaw Approved: June 22, 1957 |