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Can you summarize 58 PACO Part VII, Subpart C?
Gaming Control Board > Slot Machine Licensing
Short Summary
The provided legal document outlines the powers, duties, and responsibilities of trustees appointed by the Pennsylvania Gaming Control Board for slot machine licensees. The document specifies that the Board may direct the discontinuation of a trusteeship when the cause for which the trusteeship action was instituted no longer exists or when the trustee has completed the sale or disposition of all the property related to the slot machine license. During the trusteeship period, net earnings are to be deposited in an escrow account and distributions of net earnings require prior approval from the Board. A suspended or former principal or slot machine licensee may request a distribution of net earnings by filing a petition and demonstrating good cause. Creditors or parties in interest who believe a trustee has breached their duties can request a review by filing a petition with the Board. The trustee is required to file reports with the Board regarding the administration of the trusteeship, and the Board may direct the distribution of these reports to creditors or other parties in interest. The compensation and costs of the trustee and other professionals hired by the trustee are subject to Board approval and are to be paid by the former or suspended licensee. The document also mentions that the former or suspended licensee is restricted from exercising privileges, collecting debts, or transferring property without prior Board approval. Before assuming duties, a trustee must execute a bond for the faithful performance of their duties, and the cost of the bond is to be paid by the former or suspended licensee. The document further states that a trustee may be required to obtain a principal license and that the Board has the power to appoint and remove trustees as necessary. Overall, this document provides a comprehensive framework for the powers and duties of trustees in the context of slot machine licensing under the Pennsylvania Gaming Control Board.
Whom does it apply to?
Trustees, slot machine licensees, suspended or former principals, creditors, parties in interest
What does it govern?
Powers, duties, and responsibilities of trustees appointed by the Pennsylvania Gaming Control Board for slot machine licensees
What are exemptions?
No specific exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Pennsylvania