Connecticut Administrative Code › Title 12 - Taxation › 574-A - The Operation of Thoroughbred Racing except as noted › Section 12-574-A41 - Partnerships

Current through July 10, 2024
(a) Limitation on partnership. A horse may be
			 owned by an individual or by a partnership provided such partnership complies
			 with rule (k) of section
			 12-574-A9
			 but no horse shall be entered and run by an owning partnership if it contains
			 more than four members or if the proportionate interest of any member is less
			 than twenty-five (25) percent.
(b)
Limitations on lessee of partnership
. A horse owned by a
			 partnership in which the number of members or proportionate interest of any
			 member does not meet the requirements of rule (a) of this section may be
			 entered and run only by a lessee of its racing qualities, which lessee shall be
			 an individual or a partnership in which the number of members and the
			 proportionate interest of every member meets the requirements of rule (a) of
			 this section. In such a case, the lessee may be a member of or may include one
			 or more members of the owning partnership.
(c)
Annual report to the
			 commission
. All partnerships having any property, ownership or racing
			 interest in a horse, and the name and address of every individual having any
			 such interest in a horse, the relative proportions of such interest and the
			 terms of any sale with contingencies, of any lease or of any arrangement must
			 be signed by all the parties or by their authorized agents and be lodged
			 annually at the office of the commission and must be approved by the commission
			 and the fee required by the act paid before any horse which is a joint property
			 or which is sold with contingencies or is leased can start in any
			 race.
(d)
Liability of
			 partners
. In the case of a partnership which, by ownership or lease,
			 controls the racing qualities of a horse, all of the partners and each of them
			 shall be jointly and severally liable for all stakes and obligations.
(e)
Data to be declared
. All
			 statements of partnerships, of sales with contingencies, of leases or of
			 arrangements shall declare to whom winnings are payable (which must be the name
			 of the nominator), in whose name the horse will run and with whom rests the
			 power of entry.
(f)
The
			 commission may disapprove
. The commission shall have the right to
			 disapprove any partnership, sale with contingencies, lease or other arrangement
			 required to be lodged with and approved by it when, in the opinion of the
			 commission, the effect of the partnership, sale, lease or other arrangement
			 would be to deceive or improperly mislead the public as to the identity of the
			 persons holding an interest in a horse.
(g)
Emergency authority
. In
			 cases of emergency, authority to sign declarations of partnerships may be given
			 to the commission by a telegram promptly confirmed in writing.
(h)
Assignments restricted
. No
			 member of a partnership which owns a horse or leases the racing qualities of a
			 horse shall assign his share or any part of or interest in it without the
			 written consent of the other partners lodged and approved as provided by rule
			 (c) of this section. No assignment of an interest in a partnership, which, by
			 ownership or lease, controls the racing qualities of a horse, will be accepted
			 if the effect of the assignment would be to create a partnership which would
			 not be accepted under the terms of rule (c) of this section.