68 IAC 5-2-1 Approval required

Sec. 1. (a) This rule applies to the following: (1) Applicants. (2) Casino licensees, casino license applicants, and supplier licensees that are persons other than publicly traded corporations. (b) The following definitions apply throughout this rule: (1) "Applicant" means a person who is seeking permission from the commission to obtain a transfer or approval of a transfer of an ownership interest in a casino licensee, casino license applicant, or a supplier licensee. (2) "Publicly traded corporation" has the meaning set forth in 68 IAC 5-1-1(b)(2). (c) A person that is not a publicly traded corporation may transfer a direct or indirect ownership interest of five percent (5%) or greater in a casino licensee, a casino license applicant, or a supplier licensee only in accordance with this rule. (d) The commission may require that an applicant for an ownership interest apply for a finding of suitability in accordance with this rule if the commission deems the finding of suitability necessary to ensure compliance with IC 4-33, IC 4-35, and this title. (e) The organizational documents of casino licensees and casino license applicants that are persons other than publicly traded corporations must contain a provision that transfers of ownership interest in the person may only be made in accordance with this rule. A casino license applicant must comply with this subsection prior to the issuance of the interim compliance period. (f) The organizational documents of supplier licensees that are persons other than publicly traded corporations must contain a provision that transfers of ownership interest may only be made in accordance with this rule. A supplier licensee must comply with this subsection within forty-five (45) days of receiving a permanent supplier's license under 68 IAC 2-2. A supplier licensee must file one (1) copy of the amended organizational documents within fifty (50) days of receiving a permanent supplier's license.