Powers Of The Executive Director And Commission After Delayed Licensing

Powers Of The Executive Director And Commission After Delayed Licensing Approval. After granting delayed licensing to any limited partner, the Executive Director and Commission may exercise, without limitation, any of the following powers: (a) The Executive Director may at any time recommend to the Commission that the Commission activate the licensing process for any limited partner granted delayed licensing. Without limiting the generality of the foregoing, the Executive Director may recommend that the licensing of any limited partner be activated if he believes that: 1. A limited partner has thereafter developed a material relationship with or to a general partner; 2. A limited partner, individually or in conjunction with other limited partners, has acquired the ability to exercise significant control or influence over the management of the limited partnership's gaming operations or business affairs; 3. A limited partner, individually or in conjunction with other limited partners, has exercised, for any reason, significant control or influence over the management of the limited partnership's gaming operations, either directly or indirectly, even if such control is contemplated or authorized by the partnership agreement; 4. There is reason to believe that the limited partner cannot demonstrate its suitability pursuant to the provisions of Miss. Code Ann. §75-76-67; 5. The aggregate effective ownership percentage held by a limited partner granted delayed licensing has increased to ten percent (10%) or more; or 6. Any other cause he deems reasonable. (b) The Commission, after considering the recommendation of the Executive Director, may activate the licensing process for any limited partner granted delayed licensing at any time. (c) The Commission may, at the time it grants delayed licensing to a limited partner, delegate to the Executive Director the authority to activate, without Commission approval, the licensing process for any particular limited partner. (d) The Executive Director may issue an order requiring the escrow of funds, profits, or other monies due any limited partner granted delayed licensing from the licensed limited partnership for any cause deemed reasonable. Any such escrow ordered by the Executive Director automatically terminates at the conclusion of the next regular Commission meeting unless: 1. The Executive Director recommends that the Commission activate the licensing process for the limited partner that is the subject of the order; 2. The Executive Director delays a determination of whether he should recommend that the licensing process be activated at the request of the limited partner who is the subject of the order; or 3. The Executive Director activates the licensing process pursuant to a delegation of authority from the Commission. (e) Any escrow ordered by the Executive Director pursuant to Subsection (d) automatically terminates if the Commission decides not to activate the licensing process for the limited partner that is the subject of the order or if the Commission licenses the limited partner. (Adopted: 09/25/1991.)