La. Admin. Code tit. 42 § III-2504

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

Section III-2504 - Transfer of Interest; Among Owners and Affiliates

A. The transfer of an interest in a licensee, permittee, casino operator or casino manager to a person who then holds an interest in, or is an affiliate of, such licensee, permittee, casino operator or casino manager and who has previously been determined qualified and suitable in accordance with the Act and rules does not require prior approval of the board or division.

B. At least 30 days prior to consummation, the parties shall provide written notice of the transfer to the board or division. The notice shall contain the name and addresses of the parties, the extent of the interest transferred and the consideration provided for the transfer. The notice shall also include the following as attachments:

1. a sworn statement from the transferee explaining and identifying the source of funds used in acquiring the interest, if any, and attesting that the transferee continues to meet all qualification and suitability requirements of the Act and rules;

2. a copy of all documents which evince the transfer including any financing arrangements;

3. a copy of all documents which evince any side agreements or related agreements regarding the transfer; and

4. any other documents the board or division may deem necessary.

C. The board or division may conduct such investigation pertaining to the transaction as it deems appropriate to assure the continued qualification and suitability of the transferee in accordance with the Act and rules.

La. Admin. Code tit. 42, § III-2504

Promulgated by the Department of Public Safety and Corrections, Gaming Control Board, LR 38:1625 (July 2012).

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