Notice

(1) Pursuant to M.G.L. c. 128A, § 11(C), no person, firm, partnership, trust, association or corporation who has been granted a license to conduct a horse or dog racing meeting, or an officer, director or the beneficial owner of ten per cent or more of the stock of a corporation holding such a license, shall sell, transfer, convey or cause to be transferred, singly or in concert with others, more than ten per cent of the value or stock of the facility or corporation so licensed without first obtaining the written approval of the commission, except in the case of a publicly held corporation. The commission shall have the same rights as to transferees as it would have with respect to original applicants for licensure. (2) Notwithstanding 205 CMR 17.01(1), the following transactions shall not be considered transfers subject M.G.L. c. 128A, § 11(C) and do not require prior notification to or approval of the Bureau: (a) The open market transfer of a publicly traded interest in a Racing Meeting Licensee, or holding, parent or intermediary company of a Racing Meeting Licensee where such transfer results in the transferee holding less than a 10% interest in the holding, parent or intermediarycompany. The RacingMeetingLicensee, applicant, orQualifiershall however, provide notice of the transaction promptly to the Bureau upon its consummation. The granting of a security interest in return for financing to a bona fide banking institution, as defined in M.G.L. c. 167A, § 1, or a commercial financial institution as defined in M.G.L. c. 63, § 1, so long as the bona fide banking institution or the commercial financial institution does not, by virtue of its security interest, possess the intention to influence or affect the affairs or operations of a Racing Meeting Licensee or applicant or Qualifier for a Racing Meeting License. The Racing Meeting Licensee, applicant, or Qualifier shall however, provide notice of the transaction promptly to the Bureau upon its consummation.