2010 Mississippi Code
TITLE 75 - REGULATION OF TRADE, COMMERCE AND INVESTMENTS
Chapter 76 - Mississippi Gaming Control Act.
75-76-199 - Issuance of gaming licenses to corporations, limited partnerships, holding companies or intermediary companies or publicly traded corporations; definitions applicable to Sections 75-76-199 through 75-76-265.

§ 75-76-199. Issuance of gaming licenses to corporations, limited partnerships, holding companies or intermediary companies or publicly traded corporations; definitions applicable to Sections 75-76-199 through 75-76-265.
 

For the purpose of Sections 75-76-199 through 75-76-265: 
 

(a) "Affiliated company" means a subsidiary company, holding company, intermediate company or any other form of business organization that: 

(i) Controls, is controlled by or is under common control with a corporate licensee; and 

(ii) Is involved in gaming activities in this state or involved in the ownership of property in this state upon which gaming is conducted. 

(b) "Director" means any director of a corporation or any person performing similar functions with respect to any organization. 

(c) "Equity security" means: 

(i) Any voting stock of a corporation, or similar security; 

(ii) Any security convertible, with or without consideration, into such a security, or carrying any warrant or right to subscribe to or purchase such a security; 

(iii) Any such warrant or right; or 

(iv) Any security having a direct or indirect participation in the profits or the issuer. 

(d) "General partner" means any general partner of a limited partnership or any person performing similar functions. 

(e) "Holding company" means any corporation, firm, partnership, trust or other form of business organization not a natural person which, directly or indirectly: 

(i) Owns; 

(ii) Has the power or right to control; or 

(iii) Holds, with power to vote, all or any part of the limited partnership interests or outstanding voting securities of a corporation which holds or applies for a state gaming license. 

For the purposes of this paragraph (e), in addition to other reasonable meaning of the words used, a holding company "indirectly" has, holds or owns any power, right or security mentioned in this paragraph (e) if it does so through any interest in a subsidiary or successive subsidiaries, however many such subsidiaries may intervene between the holding company and the corporate licensee or applicant. 

(f) "Intermediary company" means any corporation, firm, partnership, trust or other form of business organization other than a natural person which: 

(i) Is a holding company with respect to a corporation or limited partnership which holds or applies for a state gaming license; and 

(ii) Is a subsidiary with respect to any holding company. 

(g) "Limited partner" means any limited partner of a limited partnership or any other person having similar rights. 

(h) "Limited partnership" means a partnership formed by two (2) or more persons pursuant to this chapter, having as members one or more general partners and one or more limited partners. 

(i) "Limited partnership interest" means the right of a general or limited partner to receive from a limited partnership: 

(i) A share of the profits; 

(ii) Any other compensation by way of income; or 

(iii) A return of any or all of his contribution to capital of the limited partnership, or the right to exercise any of the rights or powers provided in this chapter, whether directly or indirectly. 

(j) "Publicly traded corporation" means: 

(i) Any corporation or other legal entity except a natural person which: 

1. Has one or more classes of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (15 U.S.C. Section 781); or 

2. Is an issuer subject to Section 15(d) of the Securities Exchange Act of 1934, as amended (15 U.S.C. Section 780); or 

(ii) Any corporation or other legal entity created under the laws of a foreign country: 

1. Which has one or more classes of securities registered on that country's securities exchange or over-the-counter market; and 

2. Whose activities have been found by the commission to be regulated in a manner which protects the investors and the State of Mississippi. 

(k) "Subsidiary" means: 

(i) Any corporation all or any part of whose outstanding equity securities are: 

1. Owned; 

2. Subject to a power or right of control; or 

3. Held, with power to vote, by a holding company or intermediary company; or 

(ii) Any firm, partnership, trust or other form of business organization not a natural person, all or any interest in which is: 

1. Owned; 

2. Subject to a power or right of control; or 

3. Held, with power to vote, by a holding company or intermediary company. 
 

Sources: Laws, 1990 Ex Sess, ch. 45, § 101, eff from and after passage (approved June 29, 1990).