Ohio Administrative Code › Title 3769 - State Racing Commission › Chapter 3769-7 - Owner and Jockey Rules; Violations › Section 3769-7-02 - Owner's requirements, corporations, partnerships, syndicates, entities

Current through all regulations passed and filed through July 1, 2024
(A) To make
			 application for an owner's license, a corporation must supply to the commission
			 a copy of its articles of incorporation, a certified roster of corporate
			 officers and directors, one of whom must be designated as the chief executive
			 officer, and a certified roster of shareholders including the number of shares
			 and the percentage of the total outstanding shares held by each.
(B) To participate as an ownership entity, a
			 corporation must acquire an owner's license itself, an owner's license for the
			 chief executive officer and for any shareholder who possesses five per cent or
			 more of the total outstanding shares. In applying this rule, if the aggregate
			 per cent of ownership of two or more family members, as defined below, exceeds
			 five per cent or more, then each and every family member with an ownership
			 interest must be licensed. A "family member" is a spouse or blood relative of a
			 single family limited to children, parents, aunts, uncles, grandparents, nieces
			 or nephews.
(C) The commission
			 reserves the right to refuse to license or to rescind a license of any
			 corporation if any officer, director or shareholder does not meet the
			 commission's eligibility requirements.
(D) To participate as an ownership entity, a
			 partnership must supply to the commission the partnership or syndication
			 agreement which lists all partners and the portion of the entity owned by each.
(E) Every member of a partnership
			 possessing five per cent or more interest must acquire an owner's license. In
			 applying this rule, if the aggregate per cent of ownership of two or more
			 family members, as defined below, exceeds five per cent or more, then each and
			 every family member with an ownership interest must be licensed. A "family
			 member" is a spouse or blood relative of a single family, limited to children,
			 parents, siblings, aunts, uncles, grandparents, nieces or nephews.
(F) If no member of a partnership owns five
			 per cent or more interest as defined in paragraph (E) of this rule, the
			 partnership is required to designate one partner as the managing partner and
			 that person must acquire a license as an owner.
(G) The commission reserves the right to bar
			 the participation of a partnership if any partner does not meet the
			 commission's eligibility requirements.
(H) When a partnership which owns horses is
			 comprised of six or more individuals, it shall be required to adopt a stable
			 name, registered under the provision of agency-level 3769 of the Administrative
			 Code.
(I) Horses shall be regarded
			 as having a common owner when an owner of one horse, either as an individual or
			 as a licensed member of a partnership or as a licensed shareholder of a
			 corporation shall have an ownership interest in another horse, either as an
			 individual or as a licensed member of a partnership or as a licensed
			 shareholder of a corporation.
Five Year Review (FYR) Dates:
				8/30/2018 and
				08/30/2023
Promulgated
				Under: 119.03
Statutory
				Authority: 3769.03
Rule
				Amplifies: 3769.03
Prior
				Effective Dates: 2-6-99