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PHILIPPINE LAWS, STATUTES & CODES
A collection of Philippine laws, statutes and codes not included or cited in the main indices of the Chan Robles Virtual Law Library.
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| REPUBLIC ACT NO. 474 - AN
ACT TO AMEND SECTION NINETEEN OF REPUBLIC ACT NUMBERED THREE HUNDRED
AND NINE, ENTITLED "AN ACT TO REGULATE HORSE-RACING IN THE PHILIPPINES"
|
| Section 1. The
first sentence of the proviso appearing in section nineteen of Republic
Act Numbered Three hundred and nine is amended to read as
follows: "Provided, however, That of the twelve and one-half per centum representing the commission of the person, race-track, racing club, or any other entity holding horse-racing, an amount equivalent to one-half per centum of the total wager funds or gross receipts from the sale of tickets, plus twenty-five per centum of the breakage, shall be set aside and turned over by the person, race-track, racing club, or any other entity holding horse-racing as a special fund to the Commission on Races to cover its expenses and such other purposes authorized under this Act." Sec. 2. This Act shall take effect upon its
approval. Approved: June 9, 1950 |
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