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Can you summarize 27 LARS Chapter 4, Part VI?
THE LOUISIANA RIVERBOAT ECONOMIC DEVELOPMENT AND GAMING CONTROL ACT > TRANSFER OF LICENSES OR PERMITS; RESTRICTIONS
Short Summary
The Louisiana Riverboat Economic Development and Gaming Control Act governs the transfer of licenses or permits related to gaming control in Louisiana. It prohibits the transfer of a license or an interest in a license. The sale, assignment, transfer, pledge, or disposition of securities representing five percent or more of the total outstanding shares issued by a corporation holding a license is conditional and ineffective if disapproved by the division. Securities issued by a licensed corporation must bear a statement of the restrictions imposed by the Act. The division may propose actions such as suspension or revocation of the license or permit if an individual owner or holder of a security is found to be unqualified. The division may also issue a condition of disqualification, which prohibits certain actions such as receiving dividends or interest on securities, exercising rights conferred by securities, receiving remuneration or economic benefits from the licensee, and continuing ownership or economic interest in a licensee or remaining as a manager, officer, director, or partner of a licensee. Any person acquiring five percent or more in the total outstanding shares or a five percent or more economic interest in a licensee must obtain the division’s approval prior to the transaction, and failure to do so may result in license revocation. Overall, this document establishes regulations and restrictions surrounding the transfer of licenses or permits in the gaming industry in Louisiana.
Whom does it apply to?
Individual owners or holders of licenses or permits, corporations holding licenses, and persons acquiring shares or economic interest in a licensee
What does it govern?
Transfer of licenses or permits related to gaming control in Louisiana
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
License revocation for failure to obtain division's approval for acquiring five percent or more shares or economic interest in a licensee
Jurisdiction
Louisiana