(a) It is the intention of the Legislature that only qualified organizations which are properly issued permits pursuant to this article shall be allowed to operate bingo games.
Terms Used In Alabama Code 45-37-150.06
Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
person: includes a corporation as well as a natural person. See Alabama Code 1-1-1
(b) A qualified organization shall not lend its name or allow its identity to be used by any individual, firm, association, or corporation in the operating or promoting of a bingo game in which the qualified organization is not directly and solely operating the bingo game. All equipment shall be stamped or clearly marked in letters no less than one-half inch in height and one-fourth inch in width, except for the letter “I,” with the name of the organization using the equipment, and it shall be unlawful to use equipment marked with the name of another organization.(c) It shall be unlawful for two or more qualified organizations to operate bingo games jointly.(d) It shall be unlawful for two or more qualified organizations to pyramid the valuation of prizes in such a manner as to exceed the limits in cash or gifts of equivalent value as provided in Section 45-37-150.09. The term equivalent value shall mean the fair market value of the gift on the date the gift is given as the prize in a bingo game.(e) No person or organization by whatever name or composition thereof shall take any salary, expense money, or fees for the operation of any bingo game, except that not more than fifty dollars ($50) per day may be paid to one or more individuals for assisting in the conduct of such games on such day.(f) No person shall pay consulting fees to any person for any services performed in relation to the operation or conduct of a bingo game.
