Section 284:16-b Condition of Licensee.
I. The commission shall monitor the condition of its licensees on a continuing basis and shall have the power to revoke, after hearing, any license if in its judgment the condition of the holder thereof does not warrant a continuation of said license, or, in lieu of revocation, to impose such conditions upon the continued possession of the license as the commission deems reasonably necessary.
II. The commission, after conducting a hearing, may require a licensee to divest itself of any partner, person, sub-corporation, shareholder, or any other entity of the licensee if the commission determines that any partner, person, sub-corporation, shareholder, or any other entity of the licensee is not fit to be associated with racing in this state.
III. The licensee shall notify the commission of any change of, or transfer of any of the owners of the voting stock or other voting interest, if the licensee is privately held. In the case of a publicly-traded entity holding the license, the commission shall be notified of any changes to the board of directors, or when more than 10 percent of the publicly-held shares or other voting interest are closely held by one entity. The licensee shall provide such notice to the commission in writing within 10 days of the occurrence of any such event. On receipt of such notice, the commission shall assess whether the change in ownership affects the licensee's qualifications for continued licensure.
Source. 1977, 28:5, eff. May 28, 1977. 2006, 287:4, eff. Aug. 14, 2006.