(12) Banking and Financial

12.1 The licensee must:

1. hold all proceeds from the conduct and management of the lottery schemes intrust.
2. open and maintain a separate lottery trust account designated as a trust account by the branch of a financial institution to administer all these proceeds. The licensee has the option of:
   
   1. opening and maintaining one (1)designated lottery trust account to administer the proceeds; or
   2. opening and maintaining separate designated lottery trust accounts for each type of lottery scheme conducted and managed by the licensee.

12.2 Each designated lottery trust account must be maintained in the name of the licensee, in trust and must have the following features:

1. cheque writing privileges and monthly statements issued;
2. all cheques or electronic images of backs and fronts of cheques returned with monthly statement.

12.3 Any interest accrued on the lottery trust account must be used for the charitable purposes of the licensee.
12.4 In administering the lottery trust account, the licensee must:

1. appoint a minimum of two (2) signing officers, who must be bona fide members of the licensee, to administer the account and write cheques on behalf of the licensee;
2. deposit into the account all monies derived from the operation of the bingo(s). Monies must be deposited by deposit slip only and as soon as it is practical to do so;
3. ensure all withdrawals are made by cheque;
4. ensure cheques are written only for the payment of the expenses incurred in the conduct of the lottery, the payment of prizes and the donation of net proceeds for the charitable purposes approved on the application for licence.

12.5 The licensee must not:

1.  
   
   1. where only one (1) 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
   2. where a separate designated bingo trust account has been established, deposit monies received from any other source, except proceeds received from participating in super jackpots and break open ticket lotteries held in conjunction with bingos, into the designated bingo trust account;
2. move funds by any means from the designated lottery trust account into an operating or general account of the licensee;
3. close the designated lottery trust account until all monies have been donated to approved charitable purposes and a report has been submitted to a licensing authority.

12.6 Where one (1) designated lottery trust account is maintained for proceeds from more than one (1) type of lottery event, the licensee must maintain separate ledgers outlining financial details for each type of lottery event conducted, by game and licence, including proceeds derived from each, expenses paid in the conduct of each and a list of how proceeds have been disbursed.