Pennsylvania Code › Title 58 - RECREATION › Part VII - GAMING CONTROL BOARD › Subpart C - Slot Machine Licensing › Chapter 443a - TRUSTEESHIP › Section 443a.6 - Powers and duties of trustees

Current through Register Vol. 54, No. 28, July 13, 2024
(a)
				  The Board's order appointing a trustee will set forth the powers, duties and
				  responsibilities of the trustee. The trustee shall exercise only those powers
				  and perform those duties expressly conferred on the trustee by the Board or
				  this chapter.
(b) A trustee shall
				  have the duty to conserve and preserve the assets of the slot machine
				  licensee.
(c) Subject to the direct
				  supervision of the Board, the written order of the Board described in
				  subsection (a) may vest a trustee with the following powers:
(1) Maintaining and operating the licensed
				  facility in a manner that complies with the act, this part, the slot machine
				  licensee's statement of conditions and the Board's order appointing the
				  trustee.
(2) Maintaining and
				  operating the licensed facility consistent with the measures generally taken in
				  the ordinary course of business including:
(i)
				  Entering into contracts.
(ii)
				  Borrowing money.
(iii) Pledging,
				  mortgaging or otherwise encumbering the slot machine licensee's property;
				  provided that power shall be subject to any provisions and restrictions in any
				  existing credit documents.
(iv)
				  Hiring, firing and disciplining employees.
(v) Settling or compromising with any debtor
				  or creditor of the former or suspended licensee, including any taxing
				  authority.
(3) Exercising
				  the rights and obligations of the former or suspended licensee.
(4) Taking possession of all of the property
				  of the former or suspended licensee, including its books, records and
				  papers.
(5) Establishing accounts
				  with financial institutions, which are not affiliated, owned or otherwise
				  influenced by the former or suspended licensee, to carry out the business of
				  the former or suspended licensee.
(6) Meeting with the former or suspended
				  licensee.
(7) Meeting with
				  principals and key employees at the licensed facility.
(8) Meeting with the independent audit
				  committee, if there is one.
(9)
				  Meeting with the Board's Executive Director and keeping the Board's Executive
				  Director apprised of actions taken and the trustee's plans and goals for the
				  future.
(10) Hiring legal counsel,
				  accountants or other consultants or assistants, with approval of the Board, as
				  necessary to carry out the trustee's duties and responsibilities.
(11) Reviewing outstanding agreements to
				  which the former or suspended licensee is a party and advising the Board as to
				  which, if any, of the agreements should be the subject of scrutiny, examination
				  or investigation by the Board.
(12)
				  Obtaining Board approval prior to any sale, change of ownership, change of
				  control, financial status, restructuring, transfer of assets, execution of a
				  contract or any other action taken outside of the ordinary course of
				  business.
(13) Obtaining Board
				  approval for any payments outside of those in the ordinary course of
				  business.