10.1 The licensee must open and maintain a separate designated lottery trust account to administer all funds related to the conduct of lottery events. The licensee has the option of:
- opening and maintaining one designated lottery trust account to administer all lotteries conducted by the licensee; or
- opening and maintaining separate designated lottery trust accounts for each type of lottery conducted by the licensee.
10.2 Each designated lottery trust account must be maintained in the name of the licensee, in trust, and must have the following features:
- cheque writing privileges and monthly statements issued;
- all cheques or electronic images of backs and fronts of cheques returned with monthly statement.
10.3 Any interest accrued on the lottery trust account must be used for the charitable purposes of the licensee.
10.4 In administering the lottery trust account, the licensee must:
- appoint a minimum of two (2) signing officers, who must be bona fide members of the licensee, to administer the account and write cheques;
- deposit into the account all monies derived from the operation of any and all lottery events; monies must be deposited as soon as it is practical to do so;
- ensure all withdrawals are made by cheque;
- ensure cheques are written only for the payment of the expenses incurred in the conduct of the lottery and the donation of net proceeds for the charitable purposes approved on the application for licence.
10.5 The licensee must not:
- where only one designated lottery trust account is maintained, deposit monies received from any source other than lottery events conducted by the licensee into the designated trust account; or
- where a separate designated trust account for raffle lotteries has been established, deposit monies received from any other source in the designated raffle lottery account;
- transfer funds from the designated lottery trust account into an operating or general account of the licensee;
- close the designated lottery trust account until all monies have been donated to approved charitable purposes and a report has been submitted to the licensing authority.
10.6 Where only one designated lottery trust account is maintained, the licensee must maintain separate ledgers outlining financial details of each lottery event conducted including proceeds derived from each, expenses paid in the conduct of each lottery event, and a list of how proceeds have been dispersed.