Massachusetts General Laws ch. 23K sec. 22 – Disposition of security issued by corporation holding a gaming license subject to commission approval; reporting of change of corporate officers or member of board of directors
Section 22. The sale, assignment, transfer, pledge or other disposition of any security issued by a corporation which holds a gaming license shall be conditional and shall be ineffective if disapproved by the commission. If at any time the commission finds that an individual owner or holder of a security of a corporate licensee or of a holding or intermediary company with respect thereto is not qualified under this chapter and if as a result the corporate licensee is no longer qualified to continue as a gaming licensee, the commission shall take any action necessary to protect the interests of the commonwealth including, but not limited to, suspension or revocation of the gaming license of the corporation.
Terms Used In Massachusetts General Laws ch. 23K sec. 22
- 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.
- Interests: includes any form of membership in a domestic or foreign nonprofit corporation. See Massachusetts General Laws ch. 156D sec. 11.01
Each corporation which has been issued a gaming license pursuant to this chapter shall file a report of any change of its corporate officers or members of its board of directors with the commission. No officer or director shall be entitled to exercise any powers of office until qualified by the commission.