Section 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
169 words·~1 min read·
/ma/part-i/title-ii/chapter-23k/22A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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.
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.