Pennsylvania Code
Title 58 - RECREATION
Part V - Harness Racing Commission
Chapter 185 - ADMINISTRATIVE RULES
Subchapter C - STOCK ISSUES OR TRANSFERS
Section 185.63 - Forfeiture of property rights in the stock held in trust

Universal Citation: 58 PA Code ยง 185.63
Current through Register Vol. 54, No. 44, November 2, 2024

No property rights shall exist in any shares of stock of any association, corporate licensee, or any firm or corporation participating in the management of any association or any other corporate licensee which are held in trust for the benefit of a person who is prohibited under the State Harness Racing Law and the provisions of this part from having any legal or beneficial interest in such stock, nor in having any shares of stock held in trust or for the benefit of another person unless the trust or the agreement under which said stock is held for another person is in writing. Upon final adjudication of forfeiture of stock pursuant to any suit brought by the Attorney General under section 7.1(d) of Act 136 approved July 17, 1963, amending the State Harness Racing Law of December 22, 1959, the Commission shall sell such stock as may be forfeited as a result of said final adjudication at public sale upon proper notice to the highest public bidder. The place and time of sale together with the form of notice shall be such as may be determined by the Commission in each instance.

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