N.Y.
Tax Law Section 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 § 1604 (Powers and duties of the division)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 § 1612 (Disposition of revenues)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.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.
Source:
Section 1611 — Delivery of funds; designation of banks, https://www.nysenate.gov/legislation/laws/TAX/1611 (updated Sep. 22, 2014; accessed Dec. 21, 2024).
