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Texas Occupations Code - OCC § 2001.436. Disbursement of Funds by Dissolved Unit

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) Sections 2001.457(a) and (b) apply to a unit formed under this subchapter. For purposes of this subchapter, the requirements of Sections 2001.457(a) and (b) that are applicable to a licensed authorized organization shall be applied to a unit.

(b) A unit that has dissolved for any reason and has unexpended bingo funds shall disburse those funds to the bingo account of each member of the unit before the end of the next calendar quarter after the calendar quarter in which the unit dissolves.

(c) For purposes of the application of Sections 2001.457(a) and (b) to a unit under this section:

(1) “Adjusted gross receipts” means gross receipts less the amount of cost of goods purchased by a unit and prizes paid in the preceding quarter; and

(2) “Cost of goods purchased by a unit” means the cost of bingo paper and pull-tab bingo tickets purchased by the unit and payments to distributors for electronic cardminding devices.

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Cite this article: FindLaw.com - Texas Occupations Code - OCC § 2001.436. Disbursement of Funds by Dissolved Unit - last updated January 01, 2024 | https://codes.findlaw.com/tx/occupations-code/occ-sect-2001-436/

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