Effect Of Permission To Participate; Withdrawal

Effect Of Permission To Participate; Withdrawal. (a) The granting of emergency permission to participate is a revocable privilege, and is not to be construed as a finding on the part of the Commission that the proposed transferee is qualified or suitable to hold a state gaming license or to be registered or to be approved. Such permission will be without prejudice to any action that the Commission may take with respect to any application for final approval of the proposed transfer of interest. (b) Emergency permission to participate may be withdrawn summarily at any time in the absolute discretion of the Commission, without notice or hearing or other proceedings of any kind. (c) Upon receipt of notice that emergency permission to participate has been withdrawn the proposed transferee shall be immediately disassociated from any participation whatever in the operation of the licensed establishment, licensee or holding company. Any money or other thing of value which may have been invested or made use of in the operation of the licensed establishment, licensee or holding company shall be forthwith returned to the proposed transferee or deposited in escrow in compliance with Section 4 of this regulation. Any participation whatever on the part of a proposed transferee after notice of withdrawal of emergency permission to participate may be deemed to be in violation of law and these regulations and, as such, grounds for denial of the application of the proposed transferee and also grounds for disciplinary action against the existing license, registration or approval. (Adopted: 09/25/1991.)