A. The Commission shall consider all applications for an owner's license andmay grant a valid owner's license to applicants who meet the criteria setforth in this chapter and established by the Commission. The Commission shalldeny a license to any applicant, unless it finds that the applicant'sfacilities are or will be appropriate for the finest quality of racing, andmeet or will meet the minimum standards that any track provided for standardbreed racing be at least five-eighths of a mile, that any dirt track providedfor flat racing be at least one mile, and that any track provided for flat orjump racing on the turf be at least seven-eighths of a mile.
B. The Commission shall deny a license to an applicant if it finds that forany reason the issuance of a license to the applicant would not be in theinterest of the people of the Commonwealth or the horse racing industry inthe Commonwealth, or would reflect adversely on the honesty and integrity ofthe horse racing industry in the Commonwealth, or that the applicant, or anyofficer, partner, principal stockholder, or director of the applicant:
1. Has knowingly made a false statement of material fact or has deliberatelyfailed to disclose any information requested;
2. Is or has been found guilty of any illegal, corrupt, or fraudulent act,practice, or conduct in connection with any horse racing in this or any otherstate, or has been convicted of a felony;
3. Has at any time knowingly failed to comply with the provisions of thischapter or of any regulations of the Commission;
4. Has had a license or permit to hold or conduct a horse race meeting deniedfor just cause, suspended, or revoked in any other state or country;
5. Has legally defaulted in the payment of any obligation or debt due to theCommonwealth;
6. Has constructed or caused to be constructed a racetrack or satellitefacility for which a license was required under § 59.1-377 hereof withoutobtaining such license, or has deviated substantially, without the permissionof the Commission, from the plans and specifications submitted to theCommission; or
7. Is not qualified to do business in Virginia or is not subject to thejurisdiction of the courts of this Commonwealth.
C. The Commission shall deny a license to any applicant unless it finds:
1. That, if the corporation is a stock corporation, that such stock is fullypaid and nonassessable, has been subscribed and paid for only in cash orproperty to the exclusion of past services, and, if the corporation is anonstock corporation, that there are at least twenty members;
2. That all principal stockholders or members have submitted to thejurisdiction of the Virginia courts, and all nonresident principalstockholders or members have designated the Executive Secretary of theCommission as their agent for receipt of process;
3. That the applicant's articles of incorporation provide that thecorporation may, on vote of a majority of the stockholders or members,purchase at fair market value the entire membership interest of anystockholder or require the resignation of any member who is or becomesunqualified for such position under § 59.1-379; and
4. That the applicant meets the criteria established by the Commission forthe granting of an owner's license.
A. The Commission shall consider all applications for an owner's license andmay grant a valid owner's license to applicants who meet the criteria setforth in this chapter and established by the Commission. The Commission shalldeny a license to any applicant, unless it finds that the applicant'sfacilities are or will be appropriate for the finest quality of racing, andmeet or will meet the minimum standards that any track provided for standardbreed racing be at least five-eighths of a mile, that any dirt track providedfor flat racing be at least one mile, and that any track provided for flat orjump racing on the turf be at least seven-eighths of a mile.
B. The Commission shall deny a license to an applicant if it finds that forany reason the issuance of a license to the applicant would not be in theinterest of the people of the Commonwealth or the horse racing industry inthe Commonwealth, or would reflect adversely on the honesty and integrity ofthe horse racing industry in the Commonwealth, or that the applicant, or anyofficer, partner, principal stockholder, or director of the applicant:
1. Has knowingly made a false statement of material fact or has deliberatelyfailed to disclose any information requested;
2. Is or has been found guilty of any illegal, corrupt, or fraudulent act,practice, or conduct in connection with any horse racing in this or any otherstate, or has been convicted of a felony;
3. Has at any time knowingly failed to comply with the provisions of thischapter or of any regulations of the Commission;
4. Has had a license or permit to hold or conduct a horse race meeting deniedfor just cause, suspended, or revoked in any other state or country;
5. Has legally defaulted in the payment of any obligation or debt due to theCommonwealth;
6. Has constructed or caused to be constructed a racetrack or satellitefacility for which a license was required under § 59.1-377 hereof withoutobtaining such license, or has deviated substantially, without the permissionof the Commission, from the plans and specifications submitted to theCommission; or
7. Is not qualified to do business in Virginia or is not subject to thejurisdiction of the courts of this Commonwealth.
C. The Commission shall deny a license to any applicant unless it finds:
1. That, if the corporation is a stock corporation, that such stock is fullypaid and nonassessable, has been subscribed and paid for only in cash orproperty to the exclusion of past services, and, if the corporation is anonstock corporation, that there are at least twenty members;
2. That all principal stockholders or members have submitted to thejurisdiction of the Virginia courts, and all nonresident principalstockholders or members have designated the Executive Secretary of theCommission as their agent for receipt of process;
3. That the applicant's articles of incorporation provide that thecorporation may, on vote of a majority of the stockholders or members,purchase at fair market value the entire membership interest of anystockholder or require the resignation of any member who is or becomesunqualified for such position under § 59.1-379; and
4. That the applicant meets the criteria established by the Commission forthe granting of an owner's license.
A. The Commission shall consider all applications for an owner's license andmay grant a valid owner's license to applicants who meet the criteria setforth in this chapter and established by the Commission. The Commission shalldeny a license to any applicant, unless it finds that the applicant'sfacilities are or will be appropriate for the finest quality of racing, andmeet or will meet the minimum standards that any track provided for standardbreed racing be at least five-eighths of a mile, that any dirt track providedfor flat racing be at least one mile, and that any track provided for flat orjump racing on the turf be at least seven-eighths of a mile.
B. The Commission shall deny a license to an applicant if it finds that forany reason the issuance of a license to the applicant would not be in theinterest of the people of the Commonwealth or the horse racing industry inthe Commonwealth, or would reflect adversely on the honesty and integrity ofthe horse racing industry in the Commonwealth, or that the applicant, or anyofficer, partner, principal stockholder, or director of the applicant:
1. Has knowingly made a false statement of material fact or has deliberatelyfailed to disclose any information requested;
2. Is or has been found guilty of any illegal, corrupt, or fraudulent act,practice, or conduct in connection with any horse racing in this or any otherstate, or has been convicted of a felony;
3. Has at any time knowingly failed to comply with the provisions of thischapter or of any regulations of the Commission;
4. Has had a license or permit to hold or conduct a horse race meeting deniedfor just cause, suspended, or revoked in any other state or country;
5. Has legally defaulted in the payment of any obligation or debt due to theCommonwealth;
6. Has constructed or caused to be constructed a racetrack or satellitefacility for which a license was required under § 59.1-377 hereof withoutobtaining such license, or has deviated substantially, without the permissionof the Commission, from the plans and specifications submitted to theCommission; or
7. Is not qualified to do business in Virginia or is not subject to thejurisdiction of the courts of this Commonwealth.
C. The Commission shall deny a license to any applicant unless it finds:
1. That, if the corporation is a stock corporation, that such stock is fullypaid and nonassessable, has been subscribed and paid for only in cash orproperty to the exclusion of past services, and, if the corporation is anonstock corporation, that there are at least twenty members;
2. That all principal stockholders or members have submitted to thejurisdiction of the Virginia courts, and all nonresident principalstockholders or members have designated the Executive Secretary of theCommission as their agent for receipt of process;
3. That the applicant's articles of incorporation provide that thecorporation may, on vote of a majority of the stockholders or members,purchase at fair market value the entire membership interest of anystockholder or require the resignation of any member who is or becomesunqualified for such position under § 59.1-379; and
4. That the applicant meets the criteria established by the Commission forthe granting of an owner's license.
