Mississippi Administrative Code › Title 13 - Gaming › Part 2 - LICENSING › Chapter 6 - LIMITED PARTNERSHIP LICENSEES › Rule 13-2-6.8 - Standards

Current through June 25, 2024
The Executive Director shall consider all relevant facts in
				  recommending and the Commission shall consider all relevant facts in
				  determining whether to grant an approval of delayed licensing to a limited
				  partnership, and thereafter to a limited partner. Without limiting the
				  generality of the foregoing, the Executive Director and Commission shall
				  consider the effects of the action or approval requested by the applicant, the
				  benefits for the State of Mississippi and the following:
(a) The effect of granting delayed licensing
				and the benefits, if any, to the State of Mississippi.
(b) Whether the applicant, either
				individually or in conjunction with other limited partners, has any direct or
				indirect control or significant influence over a general partner, or the
				management of the limited partnership's business or gaming operation, or the
				ability to acquire such control.
(c) Whether the limited partnership agreement
				has clear and specific provisions restricting the priority rights of the
				limited partnership with respect to income, losses, or other distributions,
				during the term of the limited partnership or upon its dissolution, of limited
				partners seeking delayed licensing; vesting in the general partner(s) the sole
				and exclusive right to manage and control the partnership's business; defining
				the scope of the general partner(s)' authority and any limitations thereon;
				restricting the right of limited partners to remove or elect general partners,
				except to the extent necessary to elect a general partner upon the retirement,
				death, or disability of a general partner who is a natural person; and whether
				any additional assessment or capital contribution can be required of the
				limited partners.
(d) Whether the
				applicant has, or has had a material relationship with a general partner.
				Without limiting the generality of the foregoing an applicant who has a
				familial relationship, either by blood, marriage or adoption, to a general
				partner may be deemed to have such a material relationship.
(e) The commonality of business interests
				between a general partner and any limited partners prior to, or existing at,
				formation of the limited partnership.
(f) Whether the applicant had a key role in
				forming the limited partnership.
(g) The relative level of risk for each
				general and limited partner.
(h)
				The business probity of each general partner, in gaming or otherwise.
(i) The presence or absence of restrictions
				on the limited partners.
(j)
				Whether a substantial portion of the assets of the limited partnership were
				owned by the applicant and other limited partners prior to formation of the
				limited partnership.
(k) Whether a
				substantial portion of the depreciable assets involved in the proposed gaming
				operation will be owned by the limited partnership or leased or loaned to the
				limited partnership by one more limited partners.
(l) Whether a limited partner has guaranteed
				any obligation of the limited partnership.
(m) The number of persons and entities
				involved in the limited partnership. The Commission will not ordinarily grant
				delayed licensing status to a limited partnership with fewer than ten (10)
				limited partners.
(n) The various
				percentage ownership interests in the limited partnership.
(o) The terms of any agreements which provide
				for a buy-out of a limited partner's interest in the event the limited partner
				is found unsuitable for licensing. (Adopted: 09/25/1991.)
Miss. Code Ann. §
										75-76-211