La. Admin. Code tit. 42 § III-2509

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

Section III-2509 - Emergency Situations

A. If a transfer of interest which requires prior board approval under this Chapter is contemplated, and in the opinion of the board, the exigencies of the situation require that the proposed transferee be permitted to take part in the conduct of operations or to make available financing or other credit for use in connection with such operation during the pendency of an application for approval of the transfer of interest, then the board may by emergency order implement the emergency procedures described in §2510 of this Chapter.

B. An emergency as used in this Chapter may be deemed to include, but is not limited to any of the following:

1. the licensee, permittee, casino operator, casino manager or person who was required to be qualified and suitable in accordance with the Act and rules has died or has been declared legally incompetent;

2. the licensee, permittee, casino operator, casino manager or person who was required to be qualified and suitable in accordance with the Act and rules is a legal entity that has been dissolved by operation of law;

3. the licensee, permittee, casino operator, casino manager or person who was required to be qualified and suitable in accordance with the Act and rules has filed a petition of bankruptcy, or in the opinion of the board, is or will likely become insolvent;

4. the license or permit has been suspended or revoked;

5. a person with an interest in the licensee, permittee, casino operator, casino manager or person who was required to be qualified and suitable in accordance with the Act and rules no longer meets the suitability requirements of the Act and rules;

6. the licensee, permittee, casino operator, casino manager or person who was required to be qualified and suitable in accordance with the Act and rules, or an interest in a licensee, permittee, casino operator or casino manager is subject to foreclosure or other forced sale permitted by law; or

7. any other emergency circumstance that is approved by the board.

La. Admin. Code tit. 42, § III-2509

Promulgated by the Department of Public Safety and Corrections, Gaming Control Board, LR 38:1626 (July 2012).

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