Application For Permission To Participate

Application For Permission To Participate. (a) A proposed transferee of an interest who desires to make available funds or credit for use in the operation of the licensed establishment or games prior to actual completion of the transfer of interest in accordance with the foregoing regulations shall make written application to the Executive Director for permission to so participate, setting forth, under oath, facts showing the necessity of such participation, together with the following information: 1. The extent to which and the manner in which the proposed transferee desires to participate pending completion of the proposed transfer. 2. A complete financial statement and a statement showing sources of all funds to be used in connection with the proposed transfer of interest and in the participation prior to transfer. 3. A full and complete statement of the proposed plan for effecting the proposed transfer of interest, including: i. The extent of the interest to be transferred; ii. The date on which it is desired to complete the transfer; iii. The total consideration to be paid and the time and manner of payment hereof; iv. Details of any other financial arrangements between all parties involved; and v. Details of all other pertinent arrangements between the parties. 4. Full, true and correct copies of all documents pertaining to the proposed transaction or transactions, including all agreements between the parties, leases, notes, mortgages or deeds of trust, and pertinent agreements or other documents with or involving third parties. 5. The names and addresses of all persons with whom the proposed transferee expects to be associated in connection with the operation of the licensed games or establishment, or both. i. If two or more individuals desire to participate in the operation of a licensed establishment or games as a group, whether as individuals or as stockholders, officers or directors of a corporation or other business entity, joint application may be made in accordance with subsection (a) above. ii. If the emergency requiring immediate participation consists of the actual or threatened insolvency of a licensee or holding company, the application will not be granted unless the applicant demonstrates the immediate and unqualified availability of sufficient funds and credit to cure such emergency to the same extent that such funds and credit would be required in connection with an application for licensing or registration not involving actual or threatened insolvency. iii. The Executive Director may require an applicant for permission to participate to furnish such additional information as it may desire before acting on the application. (Adopted: 09/25/1991.)