Kentucky Statutes 154A.050 – Duties of board
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(1) The board of directors shall provide the president with private-sector perspectives on the operation of a large marketing enterprise. The board shall:
(a) Approve, disapprove, amend, or modify the budget recommended by the president for the operation of the corporation;
(b) Approve, disapprove, amend, or modify the terms of major lottery procurements recommended by the president;
(c) Serve as a board of appeal for any denial, revocation, or cancellation by the president of a contract with a lottery retailer; and
(d) Adopt, from time to time, administrative regulations which shall be subject to the provisions of KRS Chapter 13A, as may be necessary to carry out and implement its powers and duties, the operation of the corporation, the conduct of lottery games in general, and any other matters necessary or desirable for the efficient and effective operation of the lottery or convenience of the public. The board may adopt, without recourse to the administrative regulation process unless it so desires, rules for the conduct of specific lottery games, including but not limited to, rules specifying:
1. The types of games to be conducted;
2. The sale price of tickets;
3. The number and amount of prizes;
4. The method and location of selecting or validating winning tickets;
5. The frequency and the means of conducting drawings which shall be open to the public;
6. The manner of payment of prizes;
7. The frequency of games and drawings;
8. The manner and amount of compensation to lottery retailers, except all compensation shall be uniform; and
9. Any other matters necessary or desirable for the efficient and effective operation of the lottery or for the convenience of the public.
(2) In all other matters, the board shall advise and make recommendations. However, the board shall:
(a) Conduct hearings upon complaints charging violations of this chapter or of administrative regulations adopted by the corporation and shall conduct such other hearings as may be provided by administrative regulation;
(b) Review the performance of the corporation and:
1. Advise the president and make recommendations to him regarding operations of the corporation; and
2. Identify potential improvements in this chapter, the administrative regulations of the corporation, and the management of the corporation;
(c) Request from the corporation any information the board determines to be relevant to its duties; and
(d) Report to the president of the corporation, the Governor, the President of the Senate, and the Speaker of the House of Representatives regarding its findings and recommendations.
Effective: July 15, 1994
History: Amended 1994 Ky. Acts ch. 486, sec. 25, effective July 15, 1994. — Amended
1990 Ky. Acts ch. 470, sec. 77, effective July 1, 1990. — Created 1988 (lst Extra. Sess.) Ky. Acts ch. 1, sec. 5, effective December 15, 1988.
(a) Approve, disapprove, amend, or modify the budget recommended by the president for the operation of the corporation;
Terms Used In Kentucky Statutes 154A.050
- Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
- Contract: A legal written agreement that becomes binding when signed.
- 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.
- Corporation: means the Kentucky Lottery Corporation. See Kentucky Statutes 154A.010
- Directors: when applied to corporations, includes managers or trustees. See Kentucky Statutes 446.010
- Lottery: means any game of chance approved by the corporation and operated pursuant to this chapter, except for games prohibited by the General Assembly as provided for in KRS §. See Kentucky Statutes 154A.010
- President: means the president of the Kentucky Lottery Corporation who shall also serve as chief executive officer of the corporation. See Kentucky Statutes 154A.010
- Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. Source: FDIC
- Retailer: means any person with whom the corporation has contracted to sell lottery tickets to the public. See Kentucky Statutes 154A.010
(b) Approve, disapprove, amend, or modify the terms of major lottery procurements recommended by the president;
(c) Serve as a board of appeal for any denial, revocation, or cancellation by the president of a contract with a lottery retailer; and
(d) Adopt, from time to time, administrative regulations which shall be subject to the provisions of KRS Chapter 13A, as may be necessary to carry out and implement its powers and duties, the operation of the corporation, the conduct of lottery games in general, and any other matters necessary or desirable for the efficient and effective operation of the lottery or convenience of the public. The board may adopt, without recourse to the administrative regulation process unless it so desires, rules for the conduct of specific lottery games, including but not limited to, rules specifying:
1. The types of games to be conducted;
2. The sale price of tickets;
3. The number and amount of prizes;
4. The method and location of selecting or validating winning tickets;
5. The frequency and the means of conducting drawings which shall be open to the public;
6. The manner of payment of prizes;
7. The frequency of games and drawings;
8. The manner and amount of compensation to lottery retailers, except all compensation shall be uniform; and
9. Any other matters necessary or desirable for the efficient and effective operation of the lottery or for the convenience of the public.
(2) In all other matters, the board shall advise and make recommendations. However, the board shall:
(a) Conduct hearings upon complaints charging violations of this chapter or of administrative regulations adopted by the corporation and shall conduct such other hearings as may be provided by administrative regulation;
(b) Review the performance of the corporation and:
1. Advise the president and make recommendations to him regarding operations of the corporation; and
2. Identify potential improvements in this chapter, the administrative regulations of the corporation, and the management of the corporation;
(c) Request from the corporation any information the board determines to be relevant to its duties; and
(d) Report to the president of the corporation, the Governor, the President of the Senate, and the Speaker of the House of Representatives regarding its findings and recommendations.
Effective: July 15, 1994
History: Amended 1994 Ky. Acts ch. 486, sec. 25, effective July 15, 1994. — Amended
1990 Ky. Acts ch. 470, sec. 77, effective July 1, 1990. — Created 1988 (lst Extra. Sess.) Ky. Acts ch. 1, sec. 5, effective December 15, 1988.