Arizona Laws 5-229. Promoters; licenses; bond; proof of financial responsibility
A. The commission may in its discretion withhold the granting of a license to a promoter until the applicant furnishes proof of his financial responsibility to promote contests in accordance with section 5-226, subsection B and the rules adopted by the director. The commission may issue a license to conduct, hold or give boxing contests to any qualified person or to a corporation duly authorized to do business under the laws of this state.
Terms Used In Arizona Laws 5-229
- Boxing: means the act of attack and defense with the fists, using padded gloves, that is practiced as a sport. See Arizona Laws 5-221
- Commission: means the Arizona state boxing and mixed martial arts commission. See Arizona Laws 5-221
- Contest: means any boxing or mixed martial arts bout, event, contest, match or exhibition between two persons. See Arizona Laws 5-221
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Department: means the department of gaming. See Arizona Laws 5-221
- Director: means the director of the department of gaming. See Arizona Laws 5-221
B. In addition to the cash bond or surety bond required pursuant to section 5-228, subsection E, the commission may require a promoter to deposit with the department prior to each contest a cash bond or surety bond in an amount set by the commission as a guarantee for the fulfillment of the promoter’s contract obligations for that contest, the payment of licenses and taxes on gross receipts of that contest and reimbursement to ticket purchasers if the contest is not held as advertised.