(1) Corporations racing horses in
Massachusetts shall furnish the following information:
(a) The corporation shall furnish to the
Commission and the Judges a statement giving the names of all persons connected
with the corporation including officers, directors and stockholders.
(b) The corporation shall furnish to the
Commission and the Judges a certificate stating that no person or persons
connected with the corporation (officer, director or stockholder) have any
beneficial interest in any horse or horses running in their name or the name of
any other person or persons racing at the same track where the
corporation-owned horses are running.
(c) The corporation shall designate to the
Commission and the Judges the name of one individual, preferably an officer
(not the trainer), who shall act as agent for the corporation.
(2) All licensed persons listed in
the corporation shall be liable for entry fees and penalties against horses
raced by the corporation.
(3) In
the event that one of the persons listed in the corporation is suspended all
horses owned by the corporation may be suspended.
(4) Each of the persons holding a beneficial
interest in the corporation shall be in good standing in racing.
(5) Each of the persons holding a beneficial
interest in the corporation shall be licensed as an owner.
(6) The agent designated to act for the
Corporation and any person holding a beneficial interest of 20% or more in the
Corporation shall be licensed as owners. Any person whose beneficial interest
in the Corporation is less than 20% shall not be licensed as an owner. If a
husband and wife are listed in the Corporation and their beneficial interest in
the Corporation represents 20% or more of the Corporation they each shall be
licensed as owners.
All the stockholders or members of a corporation which leases
horses for racing purposes in the Commonwealth of Massachusetts and also all
such corporations shall make and file with the Commission as and when requested
by it, a report or reports containing such information as the Commission may
specify; and upon refusal or failure to file such report or reports the
Commission may refuse a license to any lessee or lessees of such corporation or
may revoke any such license which it may have
granted.