Louisiana Revised Statutes 47:9030 – Acceptance and expenditure of monies by corporation; corporation to be self-sustaining and self-funded
Terms Used In Louisiana Revised Statutes 47:9030
- Corporation: means the Louisiana Lottery Corporation. See Louisiana Revised Statutes 47:9002
- 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.
- Lottery: means any game of chance approved by the corporation and operated pursuant to this Chapter and shall not include sports wagering authorized pursuant to this Subtitle. See Louisiana Revised Statutes 47:9002
- Subtitle: means and includes all the Chapters in Subtitle II of this Title 47 and any other Title of the Louisiana Revised Statutes of 1950 except the provisions of Chapter 1 of Subtitle IV of Title 47 of the Louisiana Revised Statutes of 1950 and estate taxes for the assessment, collection, administration, and enforcement of taxes, fees, licenses, penalties, and interest due the state of Louisiana which have been delegated to the Department of Revenue. See Louisiana Revised Statutes 47:1501
A. The corporation may accept and expend, in accordance with the provisions of this Subtitle, such monies as may be appropriated by the legislature or such monies as may be received from any source, including income from the corporation‘s operations, for effectuating its corporate purposes including the payment of the initial expenses of administration and operation of the corporation and the lottery.
B. After the repayment of any appropriated funds provided to the corporation by the state, the corporation shall be self sustaining and self-funded. Monies in the state general fund shall not be used or obligated to pay the expenses of the corporation or prizes of the lottery, and no claim for the payment of an expense of the lottery or prizes of the lottery may be made against any monies other than monies credited to the corporate operating account.
C. Federally insured financial institutions may be utilized by the corporation to distribute lottery tickets to retailers.
Acts 1990, No. 1045, §1, eff. Nov. 7, 1990.