(A) Any licensee exempt from payment of the bank and corporation tax by Cal. Rev. and Tax. Code, Section 23701(d) shall deposit all profits derived from bingo in a special fund or account and shall not commingle such funds with any other funds. Such funds shall be used only for charitable purposes.
(B) All other licensees shall deposit all proceeds derived from bingo in a special fund or account and shall not commingle such funds with any other funds. The proceeds shall be used only for charitable purposes, with the following exceptions:
(1) The proceeds may be used for prizes.
(2) A portion of the proceeds, not to exceed 20% of the total before deduction for prizes, or $2,000 per month, whichever is less, may be used for the rental of property to conduct bingo and for overhead, including the purchase of bingo equipment, administrative expenses, security equipment and security personnel.
(3) The proceeds may be used to pay license fees.
(`64 Code, Sec. 8.1-28) (Ord. No. 2435)