(9) American currency

9.1 American currency may be accepted as payment for Super Jackpot bingo paper only by licensees which may accept American currency for their Regular Bingo events, as per the Regular and Special Bingo Licence Terms and Conditions, paragraph 10.1.

9.2

1. A licensee which accepts American currency must maintain a second lottery trust account in American funds for the purpose of depositing all funds received in American currency and replenishing the float required in American funds. The account must be operated as outlined in Section 11, except as stated otherwise in this section, “American Currency.”
2. No withdrawals, by cheque or otherwise, may be made from this account, except as provided for in paragraphs 9.2(a), 9.4, and 9.9 or unless written permission has been granted by a licensing authority.

9.3 The maximum amount which may be on deposit in the American account at any time must not exceed $5,000.

9.4 Deposits in excess of $5,000 in American funds (including interest) must be withdrawn by cheque and deposited into the Canadian designated lottery trust account.

9.5 The distribution of gross receipts must be done from the Canadian designated lottery trust account and calculated in accordance with paragraph 8.6. For licensees which accept American currency, gross receipts referred to in paragraphs 8.2 and 8.6 must refer to the adjusted gross receipts which is calculated as follows:

Total gross receipts in Canadian dollars (+) total gross receipts in American dollars (+) the premium paid on American dollars (–) the premium on the prizes paid out in American dollars.

9.6

1. When deducting prizes from the adjusted gross receipts, the licensee must not include any premium which may have been applicable to the prizes paid in American currency.
2. Profit and expense calculations must be based on the adjusted gross receipts.
3. All expenses must be paid by cheque, in Canadian currency only, drawn on the Canadian designated lottery trust account.

9.7 For the purposes of calculating the adjusted gross receipts, the licensee must use the daily “buying” exchange rate set by the chartered banks. The licensee must obtain this information from the Operator of the bingo hall.

9.8 All bingo paper sold in the lower-valued currency must be distinguished with a hole punch. The licensee must receive the bingo paper pre-punched from the Operator of the bingo hall.

9.9 Bingo paper sold in American currency must be paid prizes in American currency and may be paid from the cash proceeds or by cheque from the American account.

9.10 Bingo paper sold in Canadian currency must be paid prizes in Canadian currency.