R 432.1402
R 432.1402 Public offerings.
Cite as Mich. Admin. Code R 432.1402
Rule 402. A person applying for or holding a casino license in this state, or a person
that has or upon board approval will have greater than a 5% ownership interest in a person
applying for or holding a casino license in this state that commences a public offering of
debt or equity securities must notify the board regarding a public offering of the securities
required to be registered with the Securities and Exchange Commission or regarding any
other type of public offering not later than 14 days after the initial filing of a registration
statement with the Securities and Exchange Commission or, regarding any other type of
public offering, not later than 14 days before the public use or distribution of any offering
document, if either of the following provisions applies:
(a) The person that is applying for or holding the casino license or other person that
has or upon board approval will have greater than a 5% ownership interest in a person that
is applying for or holding the casino license and that intends to issue the securities is not a
publicly traded corporation.
(b) The person applying for or holding the casino license or other person that has or
upon board approval will have greater than a 5% ownership interest in a person applying
for or holding the casino license and that intends to issue the securities is a publicly traded
corporation and the proceeds of the offering, in whole or in part, are intended to be used
for any of the following purposes:
(i) To pay for the construction of a casino or a casino enterprise to be owned or
operated by a person applying for or holding the casino license in this state.
(ii) To acquire any direct or indirect ownership interest in a casino or casino enterprise
located in this state.
(iii) To finance the operation of a casino or casino enterprise in this state by a person
applying for or holding a casino license.
(iv) To retire or extend obligations incurred for 1 or more purposes set forth in
paragraphs (i), (ii), and (iii) of this subdivision.