Current through Register Vol. 54, No. 44, November 2, 2024
(a) A trust or
similar business entity shall apply for and obtain a principal license prior to
possessing any of the following:
(1) A direct
ownership interest in a slot machine or management company licensee.
(2) A 1% or greater indirect ownership
interest in a slot machine or management company licensee. An ownership
interest that is held indirectly by an individual through one or more
intervening entities will be determined by successive multiplication of the
ownership percentages for each link in the vertical chain.
(3) A right to receive a payment from a slot
machine licensee based or contingent upon a licensee's earnings, profits or
receipts from the slot machines, table games and associated equipment for use
or play in this Commonwealth.
(4) A
right or ability to control or influence the management or policies of a slot
machine or management company licensee.
(5) A general partnership interest in a
limited partnership that is a slot machine or management company
licensee.
(6) A general partnership
interest in a limited partnership that is a principal affiliate of a slot
machine or management company licensee.
(b) A trust or similar business entity shall
submit a completed application in accordance with §
433a.8 (relating to principal
applications) prior to possessing any of the following:
(1) A direct ownership interest of 1% or more
in a licensed manufacturer, licensed supplier or licensed manufacturer
designee.
(2) A 1% or greater
indirect ownership interest in a licensed manufacturer, licensed supplier or
licensed manufacturer designee. An ownership interest that is held indirectly
by an individual through one or more intervening entities will be determined by
successive multiplication of the ownership percentages for each link in the
vertical chain.
(3) A right or
ability to control or influence the management or policies of a licensed
manufacturer, licensed supplier or licensed manufacturer designee.
(4) A general partnership interest in a
limited partnership that is a licensed manufacturer, licensed supplier or
licensed manufacturer designee.
(5)
A general partnership interest in a limited partnership that is a principal
affiliate of a licensed manufacturer, licensed supplier or licensed
manufacturer designee.
(c) If a trust is required to be licensed as
a principal in accordance with this section, each trustee, grantor and
beneficiary, including a minor child beneficiary, of the trust shall also be
licensed as a principal.
(d)
Notwithstanding subsections (a) and (b), a trust whose ownership interest in a
licensee consists of less than 5% of the voting securities of a publicly traded
company will not be required to be licensed as a principal.
(e) Notwithstanding any provision to the
contrary in this section, the Board may require any trust that has any
financial interest in a licensee to be licensed as a principal.
The provisions of this § 433a.7 amended under
4
Pa.C.S. §§
1202(b)(9)-(23) and (30),
1205, 1206(f) and (g), 1207(1) and (2), 1208(1)(iii), 1209(b), 1212, 1213,
1311.1, 1326, 13A11, 13A12-13A14, 13A15 and 1802 and Chapter
13.
