Montana Code 23-5-221. Definition
23-5-221. Definition. As used in this part, “Calcutta pool” means a form of auction pool conducted by an organization authorized by the department. The Calcutta pool must be an auction pool in which:
Terms Used In Montana Code 23-5-221
- Calcutta pool: means a form of auction pool conducted by an organization authorized by the department. See Montana Code 23-5-221
- 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.
- Person: includes a corporation or other entity as well as a natural person. See Montana Code 1-1-201
(1)a person‘s wager is equal to the person’s bid;
(2)the proceeds from the pool, minus administrative costs and prizes paid, are contributed to a charitable or nonprofit corporation, association, or cause;
(3)the rules of the pool are publicly posted;
(4)no more than one wager for each competitor is allowed;
(5)at least 50% of the total pool is paid out in prizes;
(6)persons may not bid or wager money on any elementary school or high school sports event; and
(7)the underlying event has more than two entrants.