“This Section shall not be considered illegal for any subscription, contribution or subscription or contribution agreement that has been or has been received for or for any base, prize or sum of money of a value or amount equal to or greater than five hundred rupees awarded to the winner or winners of a horse race.” Section 6 of the Marine Insurance Act 1963 provides that any contract of transport insurance is void by a bet; and that a transport insurance contract is considered to be a betting contract in which the insured has no insurable interest. The Marine Insurance Contract of 1906 also states that a marine insurance contract is considered a gambling or betting contract if the insured is not interested in the adventure. Organised horse races are authorised by the Land Government if the laws of the Land so permit.