Pennsylvania Code
Title 58 - RECREATION
Part IV - Horse Racing Commission
Chapter 165 - ADMINISTRATIVE RULES
Subchapter C - ISSUANCE AND TRANSFER OF STOCK
Section 165.54 - Unincorporated club or other unincorporated organization as stockholder

Universal Citation: 58 PA Code ยง 165.54

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

(a) Requirement to obtain affidavit. Whenever a transfer of stock of any corporation which is licensed by the Commission, or of any corporation which leases to such licensee the track at which it conducts pari-mutuel thoroughbred horse races, or which owns 25% or more of the stock of such licensee, shall be made to an unincorporated club, organization or association (except a partnership), said corporation shall obtain contemporaneously with said transfer, an affidavit, in duplicate, executed by the President, Secretary, Treasurer, or other Executive Officer, containing the following:

(1) The name of the club or organization.

(2) The address of its principal office in this Commonwealth.

(3) The number and class of shares transferred to it.

(4) The names and addresses of all its directors, governors, trustees, or members of other types of a managing body.

(5) The names and addresses of all of its officers.

(6) The number of members.

(7) The name and address of each member.

(8) A statement to the effect that if there is any change in its status with respect to any of the matters set forth in paragraphs (3) to (5) inclusive, it shall forthwith file with the corporation a new affidavit setting forth such change of status and, in the case of paragraphs (6) and (7), that it shall annually, during the month of October, file with the corporation a new affidavit setting forth any change in status; provided, however, that new affidavits need not be filed if the only changes relate to a change of address.

(b) Affidavits of officers, directors, and the like. In addition to the affidavit required under subsection (a) of this section, the club or organization shall file affidavits in duplicate, containing the information set forth in § 165.51(a) (relating to individual stockholders-voting and nonvoting stock), executed by the following:

(1) Each of the officers, directors, governors, trustees or members of other types of a managing body.

(2) In the case of such an organization which has 25 members or less, each member.

(c) Change of status of affiant other than by stock transfer. If subsequent to the filing of an affidavit required under subsections (a) and (b), the status of any affiant changes with respect to any of the matters set forth in subsection (a)(3) to (7), in the case of the affidavit filed by an unincorporated club, association, or organization, and in § 165.51(a)(5) to (12) in the case of individual affiants, such affiant shall forthwith file with the corporation with which his affidavit was originally filed a new affidavit setting forth with particularity such change; provided, however, that new affidavits need not be filed if the only changes are related to age or address and that in the case of subsection (a)(6) and (7), new affidavits need be filed annually, during the month of October only.

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).

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