8 Proceeds of local lotteries.E+W+S
(1)A local authority shall pay the whole proceeds of a local lottery, after deducting the expenses of promoting it and the sums required for prizes, into a fund (in this section referred to as a “lottery fund”), and any money in such a fund shall be invested by the local authority and any income arising from such investment shall be credited to the fund.
(2)It shall be the duty of a local authority to maintain a separate lottery fund for each local lottery which they promote.
[F1(3)The payment by a local authority out of their rate fund, within the meaning of subsection (7) of section 1 of the M1Local Government Act 1974, of money accruing from a local lottery shall not be relevant expenditure within the meaning of subsection (4) of that section.]