7. The following section is substituted for section 26 of the Act of 1994:

“26. (1) HRI shall, in respect of each horserace at a race-fixture at an authorised racecourse, approve the amount and form of any prize offered and, where the prize is in monetary form, make such deductions, as it sees fit, from the prize money in accordance with a directive of HRI under section 10(3).

(2) HRI shall not alter a directive referred to in subsection (1) affecting trusts or charitable funds extant on the commencement of section 7 of the Horse Racing Ireland Act 2016, however so administered without the agreement of the person administering the trust or the fund.”.