La. Admin. Code tit. 42 § III-2501

Current through Register Vol. 50, No. 11, November 20, 2024

Section III-2501 - Transfers of Interest, General

A. The transfer of a license, permit or an application for a license or permit is prohibited.

B. No person shall transfer any interest of any sort whatsoever in a licensee, permittee, casino operator or casino manager, or foreclose on a security interest in a licensee, permittee, casino operator or casino manager, or enter into or create a voting trust agreement or any agreement of any sort in connection with any licensee, permittee, casino operator or casino manager except in accordance with the Act and rules.

C. The following definitions shall apply to transfers of interest.

Acquire Control or Change of Control-any act or conduct by a person whereby he obtains control, whether accomplished through the ownership of equity or voting securities, ownership of rights to acquire equity or voting securities, by management or consulting agreements or other contract, by proxy or power of attorney, by merger, consummation of tender offer, acquisition of assets, or otherwise. Any acquisition by a person or group of persons acting in concert of more than 20 percent ownership or economic interest shall be considered a change of control.

Control-the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a person.

Economic Interest-same meaning as in §1701

Ownership Interest-owning shares or securities issued by a corporation, being a partner in any kind of partnership, being a member of a limited liability company, or owning or possessing any interest in any other kind of legal entity.

Transfer-to alienate, assign, acquire, bequeath, bestow, cede, convey, dispose of, divest, donate, lease, purchase or sell.

D. No person shall transfer any interest in a licensee, permittee, casino operator or casino manager to any person acting as an agent, trustee or in any other representative capacity for or on behalf of another person without having first fully disclosed all facts pertaining to such transfer and representation to the board and division. No person acting in such representative capacity shall hold or acquire any such interest or so invest or participate without having first fully disclosed all facts pertaining to such representation to the board and division and having obtained approval of the board or division.

La. Admin. Code tit. 42, § III-2501

Promulgated by the Department of Public Safety and Corrections, Gaming Control Board, LR 38:1623 (July 2012).

AUTHORITY NOTE: Promulgated in accordance with R.S. 27:15 and 24.