Section R. 431.1065 - OwnershipRule 1065.
(1) Every legal entity having an ownership interest in a horse must be licensed as an owner.(2) If a legal entity with more than 4 individuals owns interest in a single horse, each individual holding a 5% or greater beneficial interest must be licensed as an owner Individuals owning less than 5% must be eligible for licensure as an owner.(3) A joint ownership agreement or lease shall accompany the application for an owner's license.(4) The executive director may deny, suspend, or revoke the license of any owner whose ownership of a horse is qualified or limited in part by the rights or an interest in such horse being held or controlled by any other person or persons who would be ineligible for licensing under these rules.(5) A corporate or syndicate name, if any, is considered a stable name for the purpose of these rules. The executive director reserves the right to refuse registration of any corporate or syndicate name.(6) The stewards may grant an owner with less than a 5%ownership or beneficial interest in a horse a license if the owner can establish a bona fide need for the license.Mich. Admin. Code R. 431.1065
1985 AACS; 2021 MR 6, Eff. 3/26/2021