CHAPTER 21. RIVERBOAT OPERATIONS TEMPORARILY CONDUCTED BY A TRUSTEE
IC 4-33-21
Chapter 21. Riverboat Operations Temporarily Conducted by a
Trustee
IC 4-33-21-1
Application of chapter
Sec. 1. This chapter applies only to a trustee acting under the
authority of:
(1) a resolution adopted by the commission authorizing the
trustee to conduct gambling operations under this chapter; and
(2) either of the following:
(A) A written power of attorney approved by the
commission under IC 4-33-6-2(c), IC 4-33-6-22,
IC 4-33-6.5-2(c), or IC 4-33-6.5-16.
(B) An appointment by the commission under IC 4-33-4-25.
As added by P.L.142-2009, SEC.16.
IC 4-33-21-2
Exercise of powers delegated by a power of attorney prohibited
unless authorized by the commission
Sec. 2. A person may not exercise any powers delegated by a
power of attorney described by section 1(2) of this chapter unless the
commission adopts a resolution under section 3 of this chapter.
As added by P.L.142-2009, SEC.16.
IC 4-33-21-3
Resolution authorizing a trustee to conduct gambling operations
Sec. 3. The commission may adopt a resolution authorizing a
trustee to temporarily conduct gambling operations on a riverboat if
any of the following occurs with respect to that particular riverboat:
(1) The commission revokes the owner's license or operating
agent contract.
(2) The commission declines to renew the owner's license or
operating agent contract.
(3) A proposed transferee is denied an owner's license under
this article when attempting to purchase the riverboat and obtain
an owner's license, but the person who attempted to sell the
riverboat is unable or unwilling to retain ownership or control
of the riverboat.
(4) A proposed transferee is denied an operating agent contract
under this article when attempting to purchase the riverboat
subject to IC 4-33-6.5, but the person who attempted to sell the
riverboat is unable or unwilling to retain ownership or control
of the riverboat.
(5) A licensed owner or an operating agent agrees in writing to
relinquish control of a riverboat to a trustee as approved by the
commission.
As added by P.L.142-2009, SEC.16.
IC 4-33-21-4
Effective date of power of attorney
Sec. 4. A power of attorney designating a trustee to conduct
gambling operations on a riverboat is effective on the date designated
by the commission in a resolution authorizing the trustee to
commence gambling operations. The power of attorney remains in
effect until the date the trusteeship established by the operation of
the power of attorney is terminated by resolution of the commission.
As added by P.L.142-2009, SEC.16.
IC 4-33-21-5
General power of attorney law applies
Sec. 5. (a) IC 30-5 applies to a trustee exercising powers under
this chapter.
(b) For purposes of IC 30-5, a trustee is an attorney in fact.
As added by P.L.142-2009, SEC.16.
IC 4-33-21-6
Trustee requirements
Sec. 6. A trustee who conducts gambling operations on a
riverboat:
(1) must:
(A) be eligible to receive an occupational license under
IC 4-33-8; and
(B) satisfy the requirements of any rule adopted by the
commission under IC 4-33-8-4;
(2) must conduct the gambling operations within the same
standards for character, reputation, and financial integrity that
are imposed upon a licensed owner or operating agent by this
article;
(3) must submit to the commission any information requested
by the commission; and
(4) is charged with all the duties imposed upon a licensed owner
or operating agent under this article.
As added by P.L.142-2009, SEC.16.
IC 4-33-21-7
Trustee's duties
Sec. 7. (a) A trustee acting under the authority of this chapter
must fulfill the trustee's duties as a fiduciary for the owner of the
riverboat. In addition, the trustee shall consider the effect of the
trustee's actions upon:
(1) the amount of taxes remitted by the trustee under IC 4-33-12
and IC 4-33-13;
(2) the riverboat's dock city or county;
(3) the riverboat's employees; and
(4) the creditors of the owner of the riverboat.
(b) In balancing the interests described in subsection (a), a trustee
shall conduct gambling operations on the riverboat in a manner that
enhances the credibility and integrity of riverboat gambling in
Indiana while minimizing disruptions to tax revenues, incentive
payments, employment, and credit obligations.
As added by P.L.142-2009, SEC.16.
IC 4-33-21-8
Riverboat owner's duty to sell a riverboat operated by a trustee
Sec. 8. (a) A person who directly or indirectly owns a riverboat
that is the subject of a resolution described in section 3 of this
chapter has one hundred eighty (180) days after the date on which
the commission adopts the resolution to sell the riverboat (and its
related properties described in section 9 of this chapter) to another
person who:
(1) satisfies the requirements of this article for obtaining an
owner's license; and
(2) is approved by the commission.
(b) If the person is unable to sell the riverboat (and its related
properties described in section 9 of this chapter) in the time required
by subsection (a), the trustee may take any action necessary to sell
the properties to another person who:
(1) satisfies the requirements of this article for obtaining an
owner's license; and
(2) is approved by the commission.
As added by P.L.142-2009, SEC.16.
IC 4-33-21-9
Operation of related properties
Sec. 9. A trustee acting under the authority of this chapter may
conduct the operations of any hotel, restaurant, golf course, or other
amenity related to the riverboat operation.
As added by P.L.142-2009, SEC.16.
IC 4-33-21-10
Trustee compensation
Sec. 10. A trustee is entitled to reasonable compensation for
carrying out the duties imposed upon the trustee under this chapter.
The trustee's compensation must be:
(1) approved by the commission; and
(2) paid by the owner of the riverboat that is the subject of a
resolution described in section 3 of this chapter.
As added by P.L.142-2009, SEC.16.
IC 4-33-21-11
Liability insurance
Sec. 11. A licensed owner or an operating agent shall purchase
liability insurance, in an amount determined by the commission, to
protect the trustee appointed to conduct gambling operations on
behalf of the licensed owner or operating agent from liability for any
act or omission by the trustee occurring within the scope of the
trustee's duties. The insurance coverage required by this section must
apply to the entire period of the trusteeship.
As added by P.L.142-2009, SEC.16.
IC 4-33-21-12
Power to revoke, modify, or amend a resolution authorizing a
trustee to conduct gambling operations
Sec. 12. (a) Except as provided in subsection (b), the commission
may after a public meeting revoke, modify, or amend a resolution
authorizing a trustee to conduct gambling operations under this
chapter upon a showing of good cause. A public meeting held under
this subsection may be conducted by the commission or the executive
director.
(b) In an emergency that requires immediate action to protect the
credibility and integrity of riverboat gambling in Indiana, the
commission may, without holding a hearing, take the following
actions concerning a trustee whose actions have created the
emergency:
(1) Revoke the resolution authorizing the trustee to conduct
gambling operations under this chapter.
(2) Remove the trustee from the control of the riverboat subject
to the revoked resolution.
As added by P.L.142-2009, SEC.16.