Acts Online
GT Shield

Lotteries Act, 1997 (Act No. 57 of 1997)

Regulations Relating to Registration of Illegal Lotteries, 1998

4. Financial and business report

 

(1) An applicant shall submit to the Minister or the board, as the case may be, a written report pertaining to the financial state of affairs and business of the applicant for a period of three years prior to the date of the submission of an application in terms of section 66(1) of the Act, or if the applicant has been in business for less than three years, for the entire period that it has been in business.

 

(2) The report contemplated in subregulation (1) shall include—
(a) a balance sheet, an income statement and a cash-flow statement which is a true and correct reflection of the state of affairs of the applicant in respect of its three previous financial years, or if the applicant has been in business for less than three years, for the entire period that it has been in business;
(b) a report by the auditor of the applicant in accordance with the provisions of subregulation (3);
(c) a statement expressing the percentage of the applicant's total income
(d) particulars of any agreement entered into by the applicant in respect of the promotion, management or conducting of a lottery or lottery game; and
(e) any other statement or report which the Minister or any person designated in writing by him or her for this purpose or the board, as the case may be, may require.

 

(3) The auditor's report referred to in subregulation (2)(b) shall state separately in respect of each of the following matters whether in the auditor's opinion—
(a) the balance sheet, income statement and cash-flow statement, as well as any other furnished information, fairly represent the financial position and results obtained by the applicant in accordance with generally accepted accounting practice;
(b) the information furnished in terms of paragraph (a) is fair in all material respects;
(c) the transactions of the applicant that had come to the auditor's notice in the course of his or her examination were made in accordance with all relevant law; and
(d) there are adequate measures and procedures for the proper application of sound economic, efficient and effective management of the applicant.