Page 2190 - Week 07 - Thursday, 16 June 1994

.BACKGROUND.. ...

-The Australian Cap.ital Territory Gaming and Liquor Authority was

abolished by the Alliance. Government on 31. December .' 1990 when it repealed. the

'Gaming- and Liquor Act. All TAB functions were tranferred to a newly created

Territory-Owned Corporation. (70C), ACTTAB Limited. The Company was

incorporated in the

Australian Capital Territory under the. Commonwealth.

Companies Act 1981 on 13 December 1990.-The ACTTAB

LIMITED -was listed as-a,.- Territory-Owned Corporation in

the" Schedule 1 to the. Territory-Owned Corporation Act

(1990 ). and it . is-subject to that Act and-the Betting

(Totalisator Adminsitration Act) 1964.

2 The principle objects of ACTTAB Limited are to .

provide totalizator betting facilities in the ACT, to

conduct lotteries and pool betting schemes and to provide

administrative-service o' other-companies-and bodies

providing gaming and betting services.

3. ACTTAB Limited issued capital consists of two voting

shares and three nor. -voting shares. Only a Minister may

hold a voting share. The current voting shareholders are

the Treasurer, GIs Rosemary Fol-lett and the relevant

portfolio Minister, Mr Wayne Berry as Minister for Sport.

4. .Under the Articles and Memorandum of Association

(attachment A) appointments to the Board of-Directors*are

made by the voting shareholders and the Board appoints

the Chief Executive Officer and elects the Board's

Chairperson. The composition of the 'Board is a minimum of

three members for a quorum and a maxim.um of five members

in total.

5. The ACTTAB is a major .ACT enterprise with a total

turnover-of $85.8 million-in 1991/1992 of which

$5.1 million was paid as turnover tax to the ACT

Government. Disbursements of $3 million were also. made

from the turnover to prescribed race clubs. The

Racecourse Development. Fund received $ 0.6 million and

income tax equivalent payment of $0.064 million was made

to the ACT Governments. Disbursements to prescribed race

clubs were comprised of $2.3 million to the gallops,

$0.46 million to the greyhounds and $0.30 million to

harness racing.. '_

6. ACTTAB's dividend in 1991/1992 was $0.165 million. Its proposed dividend for

1992/1993 is $0.300 million.

7. Cabinet agreed in the Budget Cabinet that the

operations of the ACTTAB be reviewed (Decision No :.3170).

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