038-7 Wyo. Code R. § 7-8

Current through April 27, 2019

Section 7-8 - Partnerships

(a) Partnerships, including husband and wife, must be licensed by the Commission.

(b) An authorized agent must be appointed to represent a partnership in all matters and only he shall withdraw money or sign claims for the partnership. A notarized instrument must be signed by all members of a partnership in the appointment of an authorized agent.

(c) Partnership papers shall set forth the following:

• (i) The name and address of each person having any interest in the horses involved.

• (ii) The relative proportions of the interests.

• (iii) To whom the winnings are payable.

• (iv) In whose name the horses shall run.

• (v) Who has the power of entry and declaration.

• (vi) The terms of any contingency, lease or any other arrangement.

(d) All partnership papers must be signed by all parties or by their authorized agent.

(e) In case of emergency, authority to sign declarations of partnerships may be given to the Commission by electronic means and promptly confirmed in writing.

(f) The part owner of any horse cannot assign his share or any part of it without the written consent of the other partners, the consent to be filed with the Commission and the Racing Secretary.

(g) An alteration in a recorded partnership registration must be reported in writing to the Commission and signed by all the partners.

(h) All parties to a partnership and each of them shall be jointly and severely liable for all stakes, forfeits and other obligations.

038-7 Wyo. Code R. § 7-8

Amended, Eff. 4/24/2017.