California Business and Professions Code 19904 – The purported sale, assignment, transfer, pledge, or other …
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The purported sale, assignment, transfer, pledge, or other disposition of any security issued by a corporation, membership interest of a limited liability company, or ownership interest of a partnership or sole proprietor that holds a gambling license, or the grant of an option to purchase that interest or security, is void unless approved in advance by the commission.
(Amended by Stats. 2023, Ch. 302, Sec. 6. (AB 1271) Effective January 1, 2024.)
Terms Used In California Business and Professions Code 19904
- 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
- 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.