16 Tex. Admin. Code § 309.361

Current through Register Vol. 49, No. 48, November 29, 2024

Section 309.361 - Authority

(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.

(2) The funds derived from a simulcast race for purses shall be distributed only with the approval of the Texas Racing Commission.

(b) Kennel Account. 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 unless otherwise directed by the Commission.

(c) If an association fails to run live races during any calendar year, all money in the greyhound purse account may be distributed as directed by the Texas Racing Commission.

(d) 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 directed by the Texas Racing Commission.

(e) Administration of Accounts. An association shall employ a bookkeeper to maintain records of the greyhound purse account and the kennel account.

16 Tex. Admin. Code § 309.361

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 by Texas Register, Volume 39, Number 38, September 19, 2014, TexReg 7574, eff. 9/28/2014; Amended by Texas Register, Volume 41, Number 10, March 4, 2016, TexReg 1685, eff. 3/13/2016; Amended by Texas Register, Volume 49, Number 33, August 16, 2024, TexReg 6197, eff. 8/19/2024