Gaming Control Act Australian Lottery Company Agreement pursuant to section 46C dated 29 January 2008
Tabled paper 1218
Tabled papers for 10th Assembly 2005 - 2008; Tabled papers; ParliamentNT
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as "the date of termination") in its absolute discretion either suspend for such period as it thinks fit the Licence or terminate this Agreement and the Licence. (b) For the purposes of this Clause, an event of default means: (i) the Company is wound up or an application is made or lodged for its winding up, whether voluntary or otherwise; (ii) a controller within the meaning of the Corporations Law is appointed over any or all of the assets of the Company or takes possession of any such assets or undertaking or a meeting of creditors or shareholders is called for such appointment; (iii) distress or execution is levied or enforced upon or against any or all of the assets of the Company in respect of an amount greater than ONE HUNDRED THOUSAND DOLLARS ($100,000.00) and is not stayed or discharged within twenty- one (21) days; (iv) the Company enters into any arrangement or composition with its creditors generally; (v) the Company or any of its directors or managers of the Company is convicted of any indictable offence or offence under any law relating to gaming and wagering which in the reasonable opinion of the Territory is of such a serious nature as to jeopardise the good standing of the Operation and in the case of the Company's directors and managers such director or manager is not immediately removed from his or her office or position upon such fact or event being drawn to the attention of the Company by the Territory in writing; (vi) any of the directors or managers of the Company commits an act of bankruptcy or is declared bankrupt or his or her estate is dealt with for the benefit of creditors or he or she becomes of unsound mind or (in the reasonable opinion of the Territory) physically or mentally unfit to manage the Operation and is not immediately removed from his or her office or position upon such fact or event being drawn to the attention of the Company by the Territory in writing; (vii) there is a breach by the Company of Clause 6 or Clause 7 of this Agreement; (viii) the Company fails to pay to any customer or patron any prize in an Authorised Lottery which it is legally obliged to pay; the Company defaults in any of its duties and obligations under this Agreement (other than default covered by any other paragraphs of this Clause) the Licence or the Act and such default is not remedied within thirty (30) days of the giving of notice in writing by the Territory to the Company. (ix) 7
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