205 CMR 116.08 - Notice
(1) No person shall transfer, or enter into
an agreement to transfer, a gaming license, a direct or indirect interest in
the gaming license, or a gaming establishment including the structure, real
property, premises, facility, personal interest or pecuniary interest under a
gaming license or enter into an option contract, management contract or other
agreement or contract providing for such transfer in the present or future, or
enter into an agreement granting the retention of a security interest in
property delivered to the gaming licensee without prior notification to the
bureau.
(2) Notwithstanding 205 CMR
116.08(1), the following transfers do not require prior notification to the
bureau:
(a) The open market transfer of a
publicly traded interest in a gaming licensee, or holding, parent or
intermediary company of a gaming licensee where such transfer results in the
transferee holding less than a 5% interest in the holding, parent or
intermediary company.
(b) The
granting of a security interest in return for financing to a bona
fide banking institution, as defined in M.G.L. c. 167A, § 1, or a
commercial financial institution as defined in M.G.L. c. 63, § 1, so long
as the bona fide banking institution or the commercial
financial institution does not, by virtue of its security interest, possess the
ability or intention to influence or affect the affairs or operations of a
gaming licensee or applicant or qualifier for a gaming license. The gaming
licensee, applicant, or qualifier shall at a minimum, however, provide notice
of the transaction promptly to the bureau upon its consummation.
Notes
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