A. The Commission shall require any person desiring to become a partner,member or principal stockholder of any licensee to apply to the Commissionfor approval thereof and may demand such information of the applicant as itfinds necessary. The Commission shall consider such application forthwith andshall approve or deny the application within 60 days of receipt. TheCommission shall approve an application that meets the criteria set forth inthis chapter. The Commission shall deny an application if in its judgment theacquisition by the applicant would be detrimental to the public interest orto the honesty, integrity, and reputation of racing. The Commission shallapprove an application to acquire actual control of a licensee only if itfinds that the applicant meets the criteria set forth in subsection B.
B. If an applicant proposes to acquire actual control of a licensee, suchperson shall, pursuant to subsection A, submit to the Commission (i) itsproposal for the future operation of any existing or planned racetrack, orsatellite facility owned or operated by the licensee, (ii) such additionalinformation as it desires, and (iii) such information as may be required bythe Commission to assure the Commission that the licensee, under the actualcontrol of such person, will have the experience, expertise, financialresponsibility and commitment to comply with (a) the provisions of thischapter, (b) Commission regulations and orders, (c) the requirements for thecontinued operation of the licensee pursuant to the terms and conditions ineffect on the date of the application of all licenses held by the licensee,(d) any existing contract with a recognized majority horseman's group, and(e) any proposal submitted to the Commission by such person. The provisionsof this subsection shall apply regardless of whether the control acquired isdirect or indirect or whether its acquisition is accomplished individually orin concert with others.
C. Any such acquisition of control without prior approval of the Commissionshall be voidable by the Commission and, in such instance, the Commission mayrevoke any license it has issued to such licensee, order compliance with thissection, or take such other action as may be appropriate within the authorityof the Commission.
A. The Commission shall require any person desiring to become a partner,member or principal stockholder of any licensee to apply to the Commissionfor approval thereof and may demand such information of the applicant as itfinds necessary. The Commission shall consider such application forthwith andshall approve or deny the application within 60 days of receipt. TheCommission shall approve an application that meets the criteria set forth inthis chapter. The Commission shall deny an application if in its judgment theacquisition by the applicant would be detrimental to the public interest orto the honesty, integrity, and reputation of racing. The Commission shallapprove an application to acquire actual control of a licensee only if itfinds that the applicant meets the criteria set forth in subsection B.
B. If an applicant proposes to acquire actual control of a licensee, suchperson shall, pursuant to subsection A, submit to the Commission (i) itsproposal for the future operation of any existing or planned racetrack, orsatellite facility owned or operated by the licensee, (ii) such additionalinformation as it desires, and (iii) such information as may be required bythe Commission to assure the Commission that the licensee, under the actualcontrol of such person, will have the experience, expertise, financialresponsibility and commitment to comply with (a) the provisions of thischapter, (b) Commission regulations and orders, (c) the requirements for thecontinued operation of the licensee pursuant to the terms and conditions ineffect on the date of the application of all licenses held by the licensee,(d) any existing contract with a recognized majority horseman's group, and(e) any proposal submitted to the Commission by such person. The provisionsof this subsection shall apply regardless of whether the control acquired isdirect or indirect or whether its acquisition is accomplished individually orin concert with others.
C. Any such acquisition of control without prior approval of the Commissionshall be voidable by the Commission and, in such instance, the Commission mayrevoke any license it has issued to such licensee, order compliance with thissection, or take such other action as may be appropriate within the authorityof the Commission.
A. The Commission shall require any person desiring to become a partner,member or principal stockholder of any licensee to apply to the Commissionfor approval thereof and may demand such information of the applicant as itfinds necessary. The Commission shall consider such application forthwith andshall approve or deny the application within 60 days of receipt. TheCommission shall approve an application that meets the criteria set forth inthis chapter. The Commission shall deny an application if in its judgment theacquisition by the applicant would be detrimental to the public interest orto the honesty, integrity, and reputation of racing. The Commission shallapprove an application to acquire actual control of a licensee only if itfinds that the applicant meets the criteria set forth in subsection B.
B. If an applicant proposes to acquire actual control of a licensee, suchperson shall, pursuant to subsection A, submit to the Commission (i) itsproposal for the future operation of any existing or planned racetrack, orsatellite facility owned or operated by the licensee, (ii) such additionalinformation as it desires, and (iii) such information as may be required bythe Commission to assure the Commission that the licensee, under the actualcontrol of such person, will have the experience, expertise, financialresponsibility and commitment to comply with (a) the provisions of thischapter, (b) Commission regulations and orders, (c) the requirements for thecontinued operation of the licensee pursuant to the terms and conditions ineffect on the date of the application of all licenses held by the licensee,(d) any existing contract with a recognized majority horseman's group, and(e) any proposal submitted to the Commission by such person. The provisionsof this subsection shall apply regardless of whether the control acquired isdirect or indirect or whether its acquisition is accomplished individually orin concert with others.
C. Any such acquisition of control without prior approval of the Commissionshall be voidable by the Commission and, in such instance, the Commission mayrevoke any license it has issued to such licensee, order compliance with thissection, or take such other action as may be appropriate within the authorityof the Commission.
