§ 75-76-71. Person denied gaming license or found unsuitable not entitled to profit from investment; divestiture of interests; enforcement.
(1) A person who has had his application for a gaming license denied or who has been found unsuitable by the commission:
(a) Is not entitled to profit from his investment in a:
(i) Corporation other than a publicly traded corporation as that term is defined in this chapter;
(ii) Partnership;
(iii) Limited partnership; or
(iv) Joint venture which has applied for or been granted a license.
(b) Shall not retain his interest in a corporation, partnership, limited partnership or joint venture beyond that period prescribed by the commission.
(c) Shall not accept more for his interest in a corporation, partnership, limited partnership or joint venture than he paid for it or the market value on the date of the denial of the license or the finding of unsuitability.
(2) The executive director may proceed pursuant to this chapter to enforce the provisions of subsection (1).
Sources: Laws, 1990 Ex Sess, ch. 45, § 36, eff from and after passage (approved June 29, 1990).
§ 75-76-71. Person denied gaming license or found unsuitable not entitled to profit from investment; divestiture of interests; enforcement.
(1) A person who has had his application for a gaming license denied or who has been found unsuitable by the commission:
(a) Is not entitled to profit from his investment in a:
(i) Corporation other than a publicly traded corporation as that term is defined in this chapter;
(ii) Partnership;
(iii) Limited partnership; or
(iv) Joint venture which has applied for or been granted a license.
(b) Shall not retain his interest in a corporation, partnership, limited partnership or joint venture beyond that period prescribed by the commission.
(c) Shall not accept more for his interest in a corporation, partnership, limited partnership or joint venture than he paid for it or the market value on the date of the denial of the license or the finding of unsuitability.
(2) The executive director may proceed pursuant to this chapter to enforce the provisions of subsection (1).
Sources: Laws, 1990 Ex Sess, ch. 45, § 36, eff from and after passage (approved June 29, 1990).
§ 75-76-71. Person denied gaming license or found unsuitable not entitled to profit from investment; divestiture of interests; enforcement.
(1) A person who has had his application for a gaming license denied or who has been found unsuitable by the commission:
(a) Is not entitled to profit from his investment in a:
(i) Corporation other than a publicly traded corporation as that term is defined in this chapter;
(ii) Partnership;
(iii) Limited partnership; or
(iv) Joint venture which has applied for or been granted a license.
(b) Shall not retain his interest in a corporation, partnership, limited partnership or joint venture beyond that period prescribed by the commission.
(c) Shall not accept more for his interest in a corporation, partnership, limited partnership or joint venture than he paid for it or the market value on the date of the denial of the license or the finding of unsuitability.
(2) The executive director may proceed pursuant to this chapter to enforce the provisions of subsection (1).
Sources: Laws, 1990 Ex Sess, ch. 45, § 36, eff from and after passage (approved June 29, 1990).
