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Can you summarize Nevada GCCB Transfers of Ownership; Loans?
Regulation 8 > Transfers of Ownership; Loans
Short Summary
The provided legal document content consists of regulations governing transfers of ownership and loans in licensed gaming operations. These regulations apply to persons involved in licensed gaming operations, licensees, and holding companies. The regulations prohibit the sale, purchase, assignment, lease, grant, foreclosure, hypothecation, or transfer of any interest in licensed gaming operations without complying with the law and regulations. Licensees are also prohibited from allowing any person to make investments or participate in the profits of licensed gaming operations without complying with the law and regulations. The regulations require full disclosure of all facts pertaining to representation before transferring or conveying any interest or allowing investment or participation in the profits. However, transfers of interest in corporations subject to Regulation 16 are exempted from these regulations. The regulations also outline the requirements for transferring ownership interests among licensees, including providing written notice to the Board, disclosing the source of funds, and obtaining approval from the Commission. The regulations specify that the physical location of certificates evidencing the transaction must remain within the territorial boundaries of Nevada and cannot be surrendered without prior approval. The regulations also address the registration of stock certificates and other evidence of beneficial interest, the prohibition on using funds or other things of value for transfers or acquisitions until compliance is complete, and the restrictions on participation in gaming operations or operation of establishments during pending license applications. The regulations provide procedures for emergency situations and applications for permission to participate in operations before the transfer is completed. The regulations hold existing licensees responsible for the conduct of licensed games or establishments and acts or omissions of proposed transferees participating in the operation. The regulations also address reporting requirements for various transactions and the authority of the Commission to rescind reported transactions if deemed detrimental. No specific penalties are mentioned in these documents.
Whom does it apply to?
Persons involved in licensed gaming operations, licensees, and holding companies
What does it govern?
Transfers of ownership and loans in licensed gaming operations
What are exemptions?
Transfers of interest in corporations subject to Regulation 16 are exempted from this regulation
What are the Penalties?
No specific penalties are mentioned in these documents
Jurisdiction
Nevada