Code of Massachusetts Regulations
205 CMR - MASSACHUSETTS GAMING COMMISSION
Title 205 CMR 116.00 - Persons Required To Be Licensed Or Qualified
Section 116.11 - Unsuitable Qualifiers

Universal Citation: 205 MA Code of Regs 205.116
Current through Register 1531, September 27, 2024

An unsuitable qualifier may not hold an interest in a gaming license. A gaming licensee's articles of organization or other document governing the sale or transfer of securities or other interests shall contain provisions in a form approved by the commission stating that the sale, assignment, transfer, pledge or other disposition of any security issued by it is conditional and shall be ineffective if disapproved by the commission. Further, a gaming licensee shall have a mechanism approved by the commission in place by which it may effectuate divestiture or redemption of securities, or a like process, in the event of a negative determination of suitability being issued to a person required to be qualified.

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