(10) American Currency

10.1 Only licensees which conduct bingos from border cities where the majority of bingo players are American may accept American currency for the payment of bingo paper.
10.2

1. A licensee which accepts American currency must maintain a second lottery trust account in American funds for the purpose of depositing all funds received in American currency and replenishing the float required in American funds. The account must be operated as outlined in Section 12, except as stated otherwise in this section, American Currency.
2. No withdrawals, by cheque or otherwise, may be made from this account, except as provided for in paragraphs10.2(a), 10.3(b), 10.9 or unless written permission has been granted by a licensing authority.

10.3

1. The maximum amount which may be on deposit in the American account at any time must not exceed the licensee’s licensed prize board.
2. Deposits in excess of the licensed prize board (including interest) must be withdrawn by cheque and deposited into the Canadian designated lottery trust account.

10.4 The distribution of gross receipts must be calculated in accordance with Sections 9.3(a), 9.3(b), 9.4 or 9.5. For licensees which accept American currency, gross receipts referred to in these paragraphs shall refer to the adjusted gross receipts which is calculated as follows:
Total gross receipts in Canadian dollars (+) total gross receipts in American dollars (+) the premium paid on American dollars (-) the premium on the prizes paid out in American dollars.
10.5

1. When deducting prizes from the adjusted gross receipts, the licensee must not include any premium which may have been applicable to the prizes paid in American currency.
2. Profit and expense calculations must be based on the adjusted gross receipts.
3. All expenses must be paid by cheque, in Canadian currency only, drawn on the Canadian designated lottery trust account.

10.6 For the purposes of calculating the adjusted gross receipts, the licensee must use the daily “buying” exchange rate set by the chartered banks. The licensee must obtain this information from the Operator of the bingo hall on a daily basis.
10.7 All bingo paper sold in the lower-valued currency must be distinguished with a hole punch. The licensee must receive the bingo paper pre-punched from the Operator of the bingo hall.
10.8 All players purchasing bingo paper in Canadian currency must be paid prizes in Canadian currency.
10.9 All players purchasing bingo paper in American currency must be paid prizes in American currency and may be paid from the cash proceeds or by cheque from the American account.