2012 Rhode Island General Laws
Title 41 - Sports, Racing, and Athletics
Chapter 41-9.1 - The Rhode Island Gaming Control and Revenue Act
Chapter 41-9.1-24 - Institutional investors or institutional lenders.
§ 41-9.1-24 Institutional investors or institutional lenders. – (a) Requirements of disclosure or of being suitable or qualified with respect to an institutional investor or institutional lender, pursuant to the provisions of this chapter and the rules adopted pursuant thereto, shall be deemed to have been complied with upon submission of documentation by the casino licensee applicant, casino licensee, permittee or the institution, as appropriate, sufficient to establish qualifications as an institutional investor or institutional lender as defined herein and it is determined that:
(1) It owns, holds, or controls publicly traded securities issued by a casino licensee applicant, casino licensee, permittee or holding, intermediate or parent company of a casino licensee applicant, casino licensee or permittee in the ordinary course of business for investment purposes.
(2) It does not intend to exercise influence over the affairs of the issuer of such securities, nor over any licensed or permitted subsidiary of the issuer of such securities, in the future, and that it agrees to notify the state lottery division, in writing, within thirty (30) days if such intent should change.
(b) The exercise of voting privileges with regard to publicly traded securities shall not be deemed to constitute the exercise of influence over the affairs of the issuer of such securities.
(c) The state lottery division may rescind the presumption of suitability for an institutional lender or institutional investor at any time if the institutional lender or investor exercises or intends to exercise influence or control over the affairs of the casino licensee applicant, the casino licensee, permittee, or a holding, intermediate, or parent company of the casino licensee applicant, the casino licensee or permittee.
(d) This section shall not be construed to preclude the state lottery division from investigating the suitability or qualifications of an institutional investor or institutional lender should the state lottery division become aware of facts or information which may result in such institutional investor or institutional lender being found unsuitable or disqualified.
History of Section.
(P.L. 2004, ch. 594, § 2.)
Disclaimer: These codes may not be the most recent version. Rhode Island may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
