Terms Used In Virginia Code 59.1-379

• Commission: means the Virginia Racing Commission. See Virginia Code 59.1-365
• 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.
• Horse racing: means a competition on a set course involving a race between horses on which pari-mutuel wagering is permitted and includes historical horse racing. See Virginia Code 59.1-365
• Member: includes any person designated a member of a nonstock corporation, and any person who by means of a pecuniary or other interest in such corporation exercises the power of a member. See Virginia Code 59.1-365
• Principal stockholder: means any person who individually or in concert with his spouse and immediate family members, beneficially owns or controls, directly or indirectly, five percent or more of the stock of any person which is a licensee, or who in concert with his spouse and immediate family members, has the power to vote or cause the vote of five percent or more of any such stock. See Virginia Code 59.1-365
• Race meeting: means the whole consecutive period of time during which horse racing with pari-mutuel wagering is conducted by a licensee. See Virginia Code 59.1-365
• State: when applied to a part of the United States, includes any of the 50 states, the District of Columbia, the Commonwealth of Puerto Rico, Guam, the Northern Mariana Islands, and the United States Virgin Islands. See Virginia Code 1-245
• Stock: includes all classes of stock, partnership interest, membership interest, or similar ownership interest of an applicant or licensee, and any debt or other obligation of such person or an affiliated person if the Commission finds that the holder of such interest or stock derives therefrom such control of or voice in the operation of the applicant or licensee that he should be deemed an owner of stock. See Virginia Code 59.1-365