N.Y. Tax Law 1611 – Delivery of funds; designation of banks
§ 1611. Delivery of funds; designation of banks. a. Except as otherwise provided in this section, all moneys received by any and all lottery sales agents from the sales of lottery tickets, including any lottery tickets, for the support of winter sports physical education in commemoration of the XIII olympic winter games if any, less the amount, if any, retained pursuant to paragraph nine of subdivision a of section sixteen hundred four of this article shall be delivered to the division. The division shall immediately deposit to its credit all such moneys received in banks, banking houses or trust companies designated by the commissioner and the comptroller. The division in its discretion, may require any or all lottery sales agents to deposit such moneys to the division's credit in banks, banking houses or trust companies designated by it, with the approval of the commissioner and the comptroller and to file with the division reports of their receipts and transactions in the sale of lottery tickets in such form and containing such information as the division may require. The withdrawal, pursuant to section sixteen hundred twelve of this article, of moneys so deposited by the division or lottery sales agents shall be subject to a check signed by the director or such officers or employees of the division as the director may designate.
Terms Used In N.Y. Tax Law 1611
- Commissioner: means the commissioner of taxation and finance or his or her duly appointed delegate. See N.Y. Tax Law 1602
- Director: means the director of the division of the lottery, except for purposes of paragraph four of subsection c of section one thousand six hundred thirteen and sections one thousand six hundred fourteen and one thousand six hundred fifteen of this chapter the term "director" shall mean the "commission". See N.Y. Tax Law 1602
- division: means the "division of gaming" as created pursuant to section one hundred two of the racing, pari-mutuel wagering and breeding law. See N.Y. Tax Law 1602
- Lottery: means the lottery operated by the state pursuant to this article. See N.Y. Tax Law 1602
b. The division may make arrangements for any person, including a bank, banking house or trust company, to perform such functions, activities or services in connection with the operation of the lottery as the division may prescribe and such functions, activities and services shall constitute lawful functions, activities and services of such person.