75-76-225 - Information required of limited partnership applying for gaming license.
§ 75-76-225. Information required of limited partnership applying for gaming license.
A limited partnership which applies for a state gaming license shall register as a limited partnership with the commission and shall provide the following information to the executive director:
(a) The organization, financial structure and nature of the business to be operated, including the names, personal history and fingerprints of all general partners and key employees, and the name, address and interest of each limited partner.
(b) The rights, privileges and relative priorities of limited partners as to the return of contributions to capital, and the right to receive income.
(c) The terms on which limited partnership interests are to be offered.
(d) The terms and conditions of all outstanding loans, mortgages, trust deeds, pledges or any other indebtedness or security device.
(e) The extent of the holding in the limited partnership of all underwriters, and their remuneration as compensation for services, in the form of salary, wages, fees or otherwise.
(f) Remuneration to persons other than general partners exceeding Thirty Thousand Dollars ($30,000.00) per annum.
(g) Bonus and profit sharing arrangements.
(h) Management and service contracts.
(i) Options existing, or to be created.
(j) Balance sheets for at least the three (3) preceding fiscal years, or, if the limited partnership has not been in existence for three (3) years, balance sheets from the time of its formation. All balance sheets must be certified by independent public accountants certified or registered in this state.
(k) Profit and loss statements for at least the three (3) preceding fiscal years, or, if the limited partnership has not been in existence for three (3) years, profit and loss statements from the time of its formation. All profit and loss statements must be certified by independent public accountants certified or registered in this state.
(l) Any further financial data which the executive director or the commission may deem necessary or appropriate for the protection of the State of Mississippi or licensed gambling, or both.
Sources: Laws, 1990 Ex Sess, ch. 45, § 114, eff from and after passage (approved June 29, 1990).