California Business and Professions Code 19881 – (a) A corporation is not eligible to receive a license to own a …
(a) A corporation is not eligible to receive a license to own a gambling enterprise unless the conduct of controlled gambling is among the purposes stated in its articles of incorporation and the articles of incorporation have been submitted to and approved by the department.
(b) The Secretary of State shall not accept for filing any articles of incorporation of any corporation that include as a stated purpose the conduct of controlled gambling, or any amendment thereto, or any amendment that adds this purpose to articles of incorporation already filed, unless the articles have, or amendment has, been approved by the department.
Terms Used In California Business and Professions Code 19881
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Controlled gambling: means to deal, operate, carry on, conduct, maintain, or expose for play any controlled game. See California Business and Professions Code 19805
- 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 Justice. See California Business and Professions Code 19805
- Gambling: means to deal, operate, carry on, conduct, maintain, or expose for play a controlled game. See California Business and Professions Code 19805
- License: means a gambling license, key employee license, or any other license issued by the commission pursuant to this chapter or regulations adopted pursuant to this chapter. See California Business and Professions Code 19805
- State: means the State of California, unless applied to the different parts of the United States. See California Business and Professions Code 21
(Amended by Stats. 2013, Ch. 352, Sec. 48. (AB 1317) Effective September 26, 2013. Operative July 1, 2013, by Sec. 543 of Ch. 352.)