Pennsylvania Code
Title 58 - RECREATION
Part IV - Horse Racing Commission
Chapter 165 - ADMINISTRATIVE RULES
Subchapter C - ISSUANCE AND TRANSFER OF STOCK
Section 165.51 - Individual stockholders-voting and nonvoting stock

Universal Citation: 58 PA Code ยง 165.51

Current through Register Vol. 54, No. 44, November 2, 2024

(a) Requirement to obtain affidavits. The term "transfer" as used in this subchapter shall be deemed to include a sale, transfer or exchange of stock or the creation of a beneficial, legal or equitable interest therein, including, but not limited to, transfers by or between straws, nominees or dummys, transfers for or among voting trusts, agreements or pools, the giving or creation of options, pledges or rights of redemption, transfers in trust or escrow or the creation of other similar direct or choate interest. Whenever a transfer of stock of a corporation which is licensed by the Commission, or of a corporation which leases to the licensee the track at which it conducts pari-mutuel thoroughbred horse races, or which owns 25% or more of the stock of the licensee shall be made to an individual, the corporation shall obtain contemporaneously with the transfer, whether original issuance or otherwise, an affidavit, in duplicate, executed by each individual setting forth:

(1) Name.

(2) Address.

(3) Age (not applicable in case of nonvoting stock).

(4) Occupation (not applicable in case of nonvoting stock).

(5) The number and class of shares being transferred.

(6) Whether he is and will be the sole beneficial owner of the stock.

(7) Whether he has been convicted of a crime involving moral turpitude.

(8) Whether he has ever been engaged in bookmaking or other forms of illegal gambling.

(9) Whether he has ever been found guilty of fraud or misrepresentation in connection with racing or breeding.

(10) Whether he has ever been guilty of a violation or attempt to violate a law, rule or regulation of a racing jurisdiction, for which suspension from racing might be imposed in the jurisdiction.

(11) Whether he has ever violated this part or an order of the Commission.

(12) That he does not hold an elected office in the Commonwealth or a political subdivision thereof; is not employed by the Commonwealth or a political subdivision thereof; and is not a member of a National party committee, a chairperson, vice-chairperson, secretary, treasurer, counsel or member of an executive committee of a State committee, a county chairperson, vice-chairperson, counsel, secretary or treasurer of a county committee, or a city chairperson, vice-chairperson, counsel, secretary or treasurer of a city committee.

(b) Change of status of affiant other than by stock transfer. If, subsequent to the filing of an affidavit required under subsection (a), the status of an affiant changes without a transfer of stock with respect to the matters in subsection (a)(5)-(12), the affiant shall forthwith file with the corporation with which his affidavit was originally filed, a new affidavit in duplicate setting forth with particularity the change.

This section cited in 58 Pa. Code § 165.13 (relating to filing of information concerning stock transfers); 58 Pa. Code § 165.31 (relating to occupational and participation licenses); 58 Pa. Code § 165.52 (relating to corporations-voting and nonvoting stock); 58 Pa. Code § 165.53 (relating to partnership stockholders); 58 Pa. Code § 165.54 (relating to unincorporated club or other unincorporated organization as stockholder); 58 Pa. Code § 165.56 (relating to affidavit of beneficial owners other than a registered stockholder); and 58 Pa. Code § 165.58 (relating to change of status of affiants who are beneficial owners).

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