PHILIPPINE LAWS, STATUTES AND CODES - CHAN ROBLES VIRTUAL LAW LIBRARY
|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
"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