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Race Book And Or Sports Pool Regulation 22.040 Model Reserve Agreements - Nevada
| Race Book And Or Sports Pool Regulation 22.040 Model Reserve Agreements Form. This is a Nevada form and can be used in Enforcement Division Nevada Gaming Commission And State Gaming Contol Board Statewide . |
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STATE OF NEVADA GAMING CONTROL BOARD 1919 E. College Parkway, P.O. Box 8003, Carson City, Nevada 89702 555 E. Washington Ave., Suite 2600, Las Vegas, Nevada 89101 3650 South Pointe Cir., P.O. Box 31109, Laughlin, Nevada 89028 KENNY C. GUINN Governor STEVE DuCHARME, Chairman DENNIS K. NEILANDER, Member BOBBY L. SILLER, Member 557 W. Silver St., Suite 207, Elko, Nevada 89801 495 Apple St., Reno, Nevada 89502 RACE BOOK AND/OR SPORTS POOL REGULATION 22.040 MODEL RESERVE AGREEMENTS To assist licensees and financial institutions in meeting the requirements of Regulation 22.040, model reserve agreements have been developed for reserves maintained in the form of cash, cash equivalent or a bond. A sample format for an irrevocable letter of credit is available from the Audit Division, however, most banks have their own requirements. To ensure that your agreement is prepared correctly, we recommend that you use these forms and simply complete the blanks with the appropriate information. You are not required to use these forms as long as the format you use meets the criteria. A completed form is attached to each model agreement to assist you in the preparation. Any questions regarding Regulation 22.040 or the agreements should be directed to the Audit Division in Las Vegas at (702) 486-2060. SL American LegalNet, Inc. www.USCourtForms.com AGREEMENT THIS AGREEMENT is made and entered into on __________________________________________ ("Date"), by and between _____________________________________________________________ ("Bank"), whose office address is ______________________________________________, and _____________________________________________ ("Book"), whose office address is ____________________________________________________________________. WITNESSETH WHEREAS, the Book operates (or intends to operate) a Race and Sports Book, and requires a reserve account as prescribed in Nevada Gaming Commission Regulation 22.040; WHEREAS, the Bank is a federally insured financial institution which desires and intends to issue and deliver a ________ ____________________________________________________ for the Book's reserve account; NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereby agree as follows: 1. Upon receipt of a check in the amount of $ ______________________________ from the Book, the Bank shall issue a _______________________________________ in the aggregate amount of $ _____________________________, payable jointly in the names and to the order of the Nevada Gaming Control Board and the Book. 2. The ___________________________________________shall be released and delivered only as prescribed in Nevada Gaming Commission Regulation 22.040, and more particularly as prescribed in subsection 6 of that section which provides as follows: "6. The agreements described in subsection 5 must reasonably protect the reserve against claims of the book's creditors other than the patrons for whose benefit and protection the reserve is established, and must provide that: (a) The reserve is established and held in trust for the benefit and protection of patrons to the extent the book holds money for their account, has accepted wagers from them on contingencies whose outcomes have not been determined, or owes them on winning wagers; (b) The reserve must not be released, in whole or in part, except to the [State Gaming Control] Board on the written demand of the chairman or to the book on written instruction of the [Board] chairman. The reserve must be available within 60 days of the written demand or written notice. The book may receive income accruing on the reserve unless the chairman instructs otherwise pursuant to subsection 9 or 13; (c) The book has no interest in or title to the reserve or income accruing on the reserve except to the extent expressly allowed in this section; (d) Nevada law and this section govern the agreements and the book's interest in the reserve and income accruing on the reserve; (e) The agreements are not effective until the chairman's approval has been obtained pursuant to subsection 7; and (f) The agreements may be amended only with the prior, written approval of the chairman." 3. It is a condition of this agreement that it shall be considered renewed for one year from the present or any future maturity date unless at least thirty (30) days prior to said maturity date, the Bank shall notify the Board that this agreement will not be extended for an additional period. In witness whereof, the parties hereto have caused this Agreement to be duly made, executed and delivered on the day and year first above written. _______________________________________________ Bank _______________________________________________ Name (Signature) _______________________________________________ Name (Print) _____________________________________________ Licensee _____________________________________________ Name (Signature) _____________________________________________ Name (Print) American LegalNet, Inc. www.USCourtForms.com BOND _________________________________________________________________________________, as principal, and __________________________________________________, a surety company organized and existing under the laws of the State of _____________________________ and authorized to do business under the laws of the State of Nevada, as surety, are hereby held and firmly bound unto the Nevada State Gaming Control Board for its use and benefit the penal sum of ______________________________________________________ (___________________________) lawful money of the United States of America, for which sum, well and truly to be paid, we hereby bind ourselves, our heirs, executors, successors, administrators, and assigns, jointly and severally. This obligation is conditioned as follows: 1. The principal has applied for licenses to operate a _______________________________________________in Nevada pursuant to chapter 463 of the Nevada Revised Statutes. Pursuant to the application, licenses have been or are about to be issued. Pursuant to Nevada Gaming Commission Regulation 22.040, the Nevada State Gaming Control Board requires security ("the reserve") for: (a) Amounts held by the principal for the account of patrons of its __________________________________; (b) Amounts accepted by the principal at its ____________________________________________________ as wagers
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