License provisions for owners, partnerships

1. An applicant for an owner's license may be required to satisfy the commission of financial responsibility. 2. Upon the suspension or revocation of the license of an owner, all horses of the owner become ineligible to race. 3. All declarations of joint ownership or partnership or changes therein must be registered with the racing association concerned. 4. A declaration of partnership, syndicate, joint venture, or other group must contain the following information: a. Name and address of every person having an interest in the horses provided. b. The relative portion of each person's interest. c. To whom the winnings are payable. d. In whose name the horse shall race. e. With whom the power of declaration rests. f. The terms of any contingency, lease, or other similar arrangement. g. If a company is a joint owner or partner, the names, permanent address, and occupations of: (1) All officers, directors, and persons having at any time and from time to time, any interest in the shares of the company, reported in the manner prescribed by the commission from time to time and containing the information in a format acceptable to the commission; and (2) The company's appointed authorized agent who has been licensed by the commission. 5. A lease of the racing properties of a horse must be filed with the racing association and must state to whom the winnings are payable. 6. The terms of a lease must be bona fide, specific, and substantial, and must be approved by the commission of judges. 7. An owner, other than a company, may appoint an authorized agent who must be licensed by the commission to act on the owner's behalf. 8. A shareholder of a company licensed as an owner, upon application, may be licensed as an owner. 9. If there are more than four owners, a stable name must be registered.