Current through Register Vol. 54, No. 44, November 2, 2024
(a) The Board's order appointing a trustee
will set forth the powers, duties and responsibilities of the trustee. The
trustee shall exercise only those powers and perform those duties expressly
conferred on the trustee by the Board or this chapter.
(b) A trustee shall have the duty to conserve
and preserve the assets of the slot machine licensee.
(c) Subject to the direct supervision of the
Board, the written order of the Board described in subsection (a) may vest a
trustee with the following powers:
(1)
Maintaining and operating the licensed facility in a manner that complies with
the act, this part, the slot machine licensee's statement of conditions and the
Board's order appointing the trustee.
(2) Maintaining and operating the licensed
facility consistent with the measures generally taken in the ordinary course of
business including:
(i) Entering into
contracts.
(ii) Borrowing
money.
(iii) Pledging, mortgaging
or otherwise encumbering the slot machine licensee's property; provided that
power shall be subject to any provisions and restrictions in any existing
credit documents.
(iv) Hiring,
firing and disciplining employees.
(v) Settling or compromising with any debtor
or creditor of the former or suspended licensee, including any taxing
authority.
(3) Exercising
the rights and obligations of the former or suspended licensee.
(4) Taking possession of all of the property
of the former or suspended licensee, including its books, records and
papers.
(5) Establishing accounts
with financial institutions, which are not affiliated, owned or otherwise
influenced by the former or suspended licensee, to carry out the business of
the former or suspended licensee.
(6) Meeting with the former or suspended
licensee.
(7) Meeting with
principals and key employees at the licensed facility.
(8) Meeting with the independent audit
committee, if there is one.
(9)
Meeting with the Board's Executive Director and keeping the Board's Executive
Director apprised of actions taken and the trustee's plans and goals for the
future.
(10) Hiring legal counsel,
accountants or other consultants or assistants, with approval of the Board, as
necessary to carry out the trustee's duties and responsibilities.
(11) Reviewing outstanding agreements to
which the former or suspended licensee is a party and advising the Board as to
which, if any, of the agreements should be the subject of scrutiny, examination
or investigation by the Board.
(12)
Obtaining Board approval prior to any sale, change of ownership, change of
control, financial status, restructuring, transfer of assets, execution of a
contract or any other action taken outside of the ordinary course of
business.
(13) Obtaining Board
approval for any payments outside of those in the ordinary course of
business.
This section cited in 58 Pa. Code §
443a.2 (relating to appointment of
trustees); and 58 Pa. Code §
443a.7 (relating to compensation
of trustees and payment of costs associated with the
trusteeship).
