California Business and Professions Code 19900 – (a) Except as may be provided by regulation of the commission, …
(a) Except as may be provided by regulation of the commission, the following security interests shall not be enforced without the prior approval of the commission and compliance with regulations adopted pursuant to subdivision (b):
(1) In a security issued by a corporation that is a holder of a gambling license in this state.
Terms Used In California Business and Professions Code 19900
- Commission: means the California Gambling Control Commission. 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.
- 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
- Limited partnership: means a partnership formed by two or more persons having as members one or more general partners and one or more limited partners. See California Business and Professions Code 19805
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- State: means the State of California, unless applied to the different parts of the United States. See California Business and Professions Code 21
- Subdivision: means a subdivision of the section in which that term occurs, unless some other section is expressly mentioned. See California Business and Professions Code 15
(2) In a security issued by a holding company that is not a publicly traded corporation.
(3) In a security issued by a partnership, limited partnership, or limited liability company that is a holder of a gambling license in this state.
(b) The commission shall adopt regulations establishing the procedure for the enforcement of a security interest. Any remedy provided by the regulations for the enforcement of the security interest is in addition to any other remedy provided by law.
(Amended by Stats. 2009, Ch. 233, Sec. 16. (AB 293) Effective January 1, 2010.)