Approval Required

Approval Required. (a) Except as and to the extent provided in these regulations pertaining to emergency situations, no individual who is the owner of any interest in a licensed gaming operation shall in any manner whatsoever transfer any interest therein to any person, firm or corporation, and no such transfer shall become effective for any purpose without the prior approval of the Commission. (b) Applications for a transfer of interest to a person who is not already the owner of an interest in the licensed gaming operation, except the granting of a possessory security interest in equity securities of a licensee or of a holding company, shall be made by the transferee applying for licensing or registration pursuant to the Act and these regulations. (c) Evidence of the transferor's agreement to transfer the interest applied for must accompany the application. Licensing or registration of the transferee shall be deemed to constitute approval of the transfer by the Commission. (d) Applications for approval of the granting of a possessory security interest shall be made in writing to the Executive Director. The application shall set forth all material facts relating to the transaction and be accompanied by copies of the documents evidencing the transaction. (Adopted: 09/25/1991.)