GamingMalta Fund Regulations, 2015

L.N. 110 of 2015

LOTTERIES AND OTHER GAMES ACT

(CAP. 438)

GamingMalta Fund Regulations, 2015

IN exercise of the powers conferred by article 78 of the

Lotteries and Other Games Act, the Minister for the Economy,

Investment and Small Business has, after consultation with the Malta

Gaming Authority, made the following regulations:-

The title of these regulations is the GamingMalta Fund Citation.

Regulations.

In these regulations unless the context otherwise requires

Interpretation.

"the Act" means the Lotteries and Other Games Act;

"the Authority" means the authority established in article 9 of

the Act;

"the constitutive instrument" means the public deed which shall

establish the Foundation and includes a reference to all those related

attached documents which shall be delivered to, and filed with, the

Registrar according to law;

"the Foundation" means GamingMalta;

"the Fund" means the GamingMalta Fund;

"gaming companies" means companies operating in the field of

remote and, or land-based gaming, gambling or betting which fall to

be regulated by the Authority;

"the Minister" shall have the same meaning assigned to it by the

Act;

"the Registrar" means the Registrar for Legal Persons.

(1) There shall be a fund to be known as "the The

GamingMalta Fund" which shall be composed of monies collected for GamingMalta

Fund.

the fulfilment of the objectives of the Foundation as defined in

regulation 5.

(2) The Fund shall be administered by and under the general

control of the Foundation.

(1) There shall be a foundation to be known as GamingMalta

foundation.

"GamingMalta" which shall be created by public deed in accordance

with law to administer the Fund and fulfil the objectives defined in

regulation 5.

(2) The Foundation shall be a purpose foundation and shall be

regulated by

(a)

the relevant provisions of the Second Schedule to

the Civil Code which regulate purpose foundations; and

(b)

the constitutive instrument.

(3) The administration and management of the Foundation

shall be entrusted to a board of administrators which shall be

appointed by the constitutive instrument.

(4) The legal and judicial representation of the Foundation

shall be vested in the Chairman and the Deputy Chairman acting

jointly.

The Foundation shall have the main objective of promoting

and advancing Malta as a gaming jurisdiction and a centre of

excellence in gaming, in pursuit of which it shall have more specific

objectives as defined in the constitutive instrument.

The Foundation shall have the following powers

(a)

to register the foundation as a legal person in terms

of law;

(b) to utilise or pay out such percentage of monies

belonging to the Fund as may be determined by the board of

administrators from time to time, for ordinary expenses incurred

in the running and administration of the Foundation;

(c)

to collect, distribute, pay or apply the whole or such

part of the Fund for the fulfilment of the objectives of the

Foundation;

(d) to co-ordinate with organisations embarking on

initiatives consistent with the objectives of the Foundation;

(e)

to undergo or commission research into the

promotion of Malta as a jurisdiction for the licensing of gaming

companies;

(f)

to apply, if eligible, for European Union funding

with regards to projects consistent with the objectives of the

Foundation;

(g) to enter into collaborative agreements with other

organisations which have a similar purpose to the Foundation,

as may be determined by the board of administrators;

(h) to do all such acts as are considered conducive

towards the attainment of the objectives of the Foundation.

€0.27