§ 75-76-223. Approval of commission required for any disposition of any interest in licensed limited partnerships; finding of unsuitability of individual to hold interest; effect of finding of unsuitability; certificate of limited partnership to bear statement of restrictions.
(1) The sale, assignment, transfer, pledge or other disposition of any interest in a limited partnership which holds a state gaming license is ineffective unless approved in advance by the commission.
(2) If at any time the commission finds that an individual owner of any such interest is unsuitable to hold that interest, the commission shall immediately notify the limited partnership of that fact. The limited partnership shall, within ten (10) days from the date that it receives the notice from the commission, return to the unsuitable owner, in cash, the amount of his capital account as reflected on the books of the partnership.
(3) Beginning on the date when the commission serves notice upon the limited partnership of a determination of unsuitability pursuant to subsection (2), it is unlawful for the unsuitable owner:
(a) To receive any share of the profits or interest upon any limited partnership interest;
(b) To exercise, directly or through any trustee or nominee, any voting right conferred by such interest; or
(c) To receive any remuneration in any form from the limited partnership, for services rendered or otherwise.
(4) The certificate of limited partnership of any limited partnership holding a state gaming license must contain a statement of the restrictions imposed by this section.
Sources: Laws, 1990 Ex Sess, ch. 45, § 113, eff from and after passage (approved June 29, 1990).
§ 75-76-223. Approval of commission required for any disposition of any interest in licensed limited partnerships; finding of unsuitability of individual to hold interest; effect of finding of unsuitability; certificate of limited partnership to bear statement of restrictions.
(1) The sale, assignment, transfer, pledge or other disposition of any interest in a limited partnership which holds a state gaming license is ineffective unless approved in advance by the commission.
(2) If at any time the commission finds that an individual owner of any such interest is unsuitable to hold that interest, the commission shall immediately notify the limited partnership of that fact. The limited partnership shall, within ten (10) days from the date that it receives the notice from the commission, return to the unsuitable owner, in cash, the amount of his capital account as reflected on the books of the partnership.
(3) Beginning on the date when the commission serves notice upon the limited partnership of a determination of unsuitability pursuant to subsection (2), it is unlawful for the unsuitable owner:
(a) To receive any share of the profits or interest upon any limited partnership interest;
(b) To exercise, directly or through any trustee or nominee, any voting right conferred by such interest; or
(c) To receive any remuneration in any form from the limited partnership, for services rendered or otherwise.
(4) The certificate of limited partnership of any limited partnership holding a state gaming license must contain a statement of the restrictions imposed by this section.
Sources: Laws, 1990 Ex Sess, ch. 45, § 113, eff from and after passage (approved June 29, 1990).
§ 75-76-223. Approval of commission required for any disposition of any interest in licensed limited partnerships; finding of unsuitability of individual to hold interest; effect of finding of unsuitability; certificate of limited partnership to bear statement of restrictions.
(1) The sale, assignment, transfer, pledge or other disposition of any interest in a limited partnership which holds a state gaming license is ineffective unless approved in advance by the commission.
(2) If at any time the commission finds that an individual owner of any such interest is unsuitable to hold that interest, the commission shall immediately notify the limited partnership of that fact. The limited partnership shall, within ten (10) days from the date that it receives the notice from the commission, return to the unsuitable owner, in cash, the amount of his capital account as reflected on the books of the partnership.
(3) Beginning on the date when the commission serves notice upon the limited partnership of a determination of unsuitability pursuant to subsection (2), it is unlawful for the unsuitable owner:
(a) To receive any share of the profits or interest upon any limited partnership interest;
(b) To exercise, directly or through any trustee or nominee, any voting right conferred by such interest; or
(c) To receive any remuneration in any form from the limited partnership, for services rendered or otherwise.
(4) The certificate of limited partnership of any limited partnership holding a state gaming license must contain a statement of the restrictions imposed by this section.
Sources: Laws, 1990 Ex Sess, ch. 45, § 113, eff from and after passage (approved June 29, 1990).
