Required Provisions And Certificate Of Limited Partnership

Required Provisions And Certificate Of Limited Partnership. Pursuant to Miss. Code Ann. §75-76-223, the following provisions must be included in the Certificate of Limited Partnership of every limited partnership that applies for or holds a state gaming license: (a) "Notwithstanding anything to the contrary, expressed or implied in this agreement, the sale, assignment, transfer, pledge, or other disposition of any interest in the partnership is void unless approved in advance by the Commission. If at any time the Commission finds that an individual owner of any such interest is unsuitable to hold that interest, the Commission shall immediately notify the partnership of that fact. The partnership shall, within ten (10) days from the date that it receives the notice from the Commission, return to the unsuitable owner the amount of his capital account as reflected on the books of the partnership. Beginning on the date when the Commission serves notice of a determination of unsuitability, pursuant to the preceding sentence, upon the partnership, it is unlawful for the unsuitable owner: (b) To receive any share of the profits or distributions of any cash or other property other than a return of capital as required above; (c) To exercise, directly or through any trustee or nominee, any voting right conferred by such interest; or (d) To receive any remuneration in any form from the partnership, for services rendered or otherwise. Any limited partner granted delayed licensing that is later found unsuitable by the Commission shall return all evidence of any ownership in the limited partnership to the limited partnership, at which time the limited partnership shall return to the unsuitable limited partner the amount of his capital account, and the unsuitable limited partner shall no longer have any direct or indirect interest in the limited partnership." (Adopted: 09/25/1991.)