Approval By Commission Required For All Issues Or Transfers By A Holding

Approval By Commission Required For All Issues Or Transfers By A Holding Company Or Intermediary Company Of Its Securities. No holding company shall issue or transfer any security of which it is the issuer without the prior approval of the Commission. Every approval required by this regulation shall be sought by the filing of an application signed by the President or a Vice-President, and the Secretary or Assistant Secretary of the holding company on a form provided by the Executive Director. Information required on the form shall include, but not be limited to, the following information: (a) The name, address and telephone number of the holding company; (b) The name, address and telephone number of any person to whom the security is being issued or transferred; (c) Current ownership of the holding company, and future ownership of the holding company for which the issuance or transfer of securities is approved; and (d) The names of all licensed gaming establishments in which the holding company owns any interest. The Executive Director shall investigate the person to whom the holding company proposes to issue or transfer any security and make a recommendation to the Commission with regard to the licensing of the proposed transferee. If the Commission licenses the proposed transferee, issuance or transfer of the securities is deemed approved. If the Commission denies such license or if the Executive Director permits withdrawal of the application upon the request of the applicant, then the transfer or issuance of the security is disapproved. (Adopted: 09/25/1991.)