GAMINGMALTA FUND REGULATIONS

GAMINGMALTA FUND

SUBSIDIARY LEGISLATION 583.02

GAMINGMALTA FUND REGULATIONS

27th March, 2015

LEGAL NOTICE 110 of 2015.

The title of these regulations is the GamingMalta Fund

Regulations.

In these regulations unless the context otherwise requires

"the Act" means Gaming 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 GamingMalta

Fund" which shall be composed of monies collected for 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" which shall be created by public deed in

a c c o r d a n c e w i t h l a w t o a d m i n i s te r t h e F u n d a n d f u l f i l t h e

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.

GAMINGMALTA FUND

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.