1957 / Jun
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. June 22, 1957
[ REPUBLIC ACT NO. 1933, June 22, 1957 ]
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.
Be it enacted by the Senate and House of Representatives of the Philippines in Congress assembled:
SECTION 1. Section nineteen of Republic Act Numbered Three hundred nine, as amended, is further amended to read as follows:
SECTION 1. Section nineteen of Republic Act Numbered Three hundred nine, as amended, is further amended to read as follows:
"SEC. 19.Distribution of receipts.—The total wager funds or gross receipts from the sale ofpari-mutueltickets shall be apportioned as follows: eighty-seven and one-halfper centumshall 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-halfper centumshall be set aside as the commission of the person, racetrack, racing club, or any other entity conducting the races; five and one-halfper centumshall be set aside for the payment of stakes or prizes for win, place and show horses and authorized bonuses for jockeys; and one-halfper centumshall 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 andllave races, the gross receipts derived from the total sale of tickets for said races shall be apportioned in the following manner: eighty-fiveper centumshall 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 thellave; eight and one-halfper centumshall be set aside as the commission of the person, racetrack, racing club, or any-other entity holding the horse races; sixper centumfor the payment of stakes or prizes for win, place and show horses; and one-halfper centumas 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.Approved, June 22, 1957.