Holding of sweepstakes.
Section 4
SEC. 4. Holding of sweepstakes.—The Office shall hold charity horse race sweepstakes under such, regulations as shall be promulgated by the Board in accordance with Republic Act Numbered Three hundred and nine: Provided, however, That when the holding of a sweepstakes race to determine prizes is impossible due to war, public calamity, or other unforeseen or fortuitous event, or when there is no sufficient number Of horses to determine the major prizes, the Board of Directors may determine the procedure to be followed in the distribution of prizes in the most just, equitable and expeditious manner. The horse races and the sale of tickets in the said sweepstakes shall b exempt from all taxes, except that each ticket shall b a twelve-centavo internal revenue stamp and that from ti total prize fund as provided herein from the procee of the sale of tickets there shall be deducted an amount equivalent to one and one-half per centum of such t prize fund, which shall be paid to the Bureau of Interns Revenue not later than ten days after each sweepstak lieu of the income tax heretofore collected from stakes prize winners: Provided, however, That any that may be paid out from the resulting prize fund, after said one and one-half per centum has been deducted, shall be exempt from income tax. The tickets shall be printed Government and shall be considered government securities for the purpose of penalizing forgery or alteration.