Destruction Of Counterfeit Chips And Tokens

Destruction Of Counterfeit Chips And Tokens. (a) As used in this section, "counterfeit chips or tokens" mean any chip-or token-like objects that have not been approved pursuant to this regulation, including objects commonly referred to as "slugs," but not including coins of the United States or any other nation. (b) Unless a peace officer instructs or a court of competent jurisdiction orders otherwise in a particular case, licensees shall destroy or otherwise dispose of counterfeit chips and tokens discovered at their establishments in such manner as the Executive Director may approve or require. (c) Unless a peace officer instructs or a court of competent jurisdiction orders otherwise in a particular case, licensees may dispose of coins of the United States or any other nation discovered to have been unlawfully used at their establishments by including them in their coin inventories or, in the case of foreign coins, by exchanging them for United States currency or coins and including same in their currency or coin inventories, or by disposing of them in any other lawful manner. (d) Each licensee shall record, in addition to such other information as the Executive Director may require: 1. The number and denominations, actual and purported, of the coins and counterfeit chips and tokens destroyed or otherwise disposed of pursuant to this section; 2. The month during which they were discovered; 3. The date, place, and method of destruction or other disposition, including, in the case of foreign coin exchanges, the exchange rate and the identity of the bank, exchange company, or other business or person at which or with whom the coins are exchanged; and 4. The names of the persons carrying out the destruction or other disposition on behalf of the licensee. (e) Each licensee shall maintain each record required by this subsection for at least three (3) years, unless the Executive Director approves or requires otherwise. (Adopted: 09/25/1991.)