Corporate Licensees

Corporate Licensees. (a) A publicly traded corporation is not eligible to apply for or hold a state gaming license or manufacturer’s, seller's, or distributor's license. A publicly traded corporation may be found suitable to acquire or hold an interest in a corporate licensee. (b) A person shall not make a public offering of any security issued by a corporate licensee. (c) The provisions of subsection (b) do not prevent a corporate licensee from guaranteeing a security issued by an affiliated company pursuant to a public offering, nor from hypothecating its assets to secure the payment or performance of the obligations evidenced by a security issued by an affiliated company pursuant to a public offering, provided that the prior approval of the Commission is obtained. (Adopted: 09/25/1991.)