PART VI. TRANSFER OF LICENSES OR PERMITS;
RESTRICTIONS
§68. Transfer
A. The transfer of a license or an interest in a license issued pursuant to this Chapter is prohibited.
B. The sale, assignment, transfer, pledge, or disposition of a security or securities which represents five percent or more of the total outstanding shares issued by a corporation that holds a license is conditional and ineffective if disapproved by the division.
C. A security issued by a corporation that holds a license must bear, on both sides of the certificate, a statement of the restrictions imposed by this Chapter. However, for a publicly traded corporation incorporated before January 15, 1992, a statement of restriction is necessary only for certificates issued by the corporation after the corporation applies for a license.
D. If the division finds that an individual owner or holder of a security of a corporate licensee or of a holding or an intermediary company or any person or persons with an economic interest in a licensee, or a director, partner, officer, or manager is not qualified under this Chapter, and if as a result the licensee is no longer qualified to continue as a licensee, the division shall propose action necessary to protect the public interest, including the suspension or revocation of the license or permit. The division may also issue, under penalty a revocation of license, a condition of disqualification naming the person or persons and declaring that such person or persons may not:
(1) Receive dividends or interest on securities of the corporation.
(2) Exercise directly, or through a trustee or nominee, a right conferred by securities of the corporation.
(3) Receive remuneration from the licensee.
(4) Receive any economic benefit from the licensee.
(5) Continue in an ownership or economic interest in a licensee or remain as a manager, officer, director, or partner of a licensee.
E. After a license is granted, any person acquiring five percent or more in the total outstanding shares of a licensee or a five percent or more economic interest in a licensee is required to obtain the division's approval prior to such transaction. Failure to obtain division approval of a transfer is grounds for license revocation.
Acts 1991, No. 753, §1, eff. July 18, 1991. Redesignated from R.S. 4:528 by Acts 1996, 1st Ex. Sess., No. 7, §3, eff. May 1, 1996; Acts 2001, No. 1222, §1, eff. July 2, 2001.
Notes of Decisions
Metro Riverboat Assocs. v. La. Gaming Bd., 774 So. 2d 1193 (La. Ct. App. 2000).
· cites it 6× “R.S. 27:68 addresses the transfer of securities of a corporation that holds a license or permit, which may or may not be accomplished through the immediate and direct participation of the corporation or the transferee; i.”
Metro Riverboat Assocs., Inc. v. Louisiana Gaming Control Bd., 761 So. 2d 694 (La. Ct. App. 2000).
· cites it 2× “R.S. 27:68 E, “any person acquiring five percent or more in the total outstanding shares of a licensee or a five percent or more economic interest in a licensee is required to obtain the division’s approval prior to such transaction.”
Robin v. Binion, 469 F. Supp. 2d 375 (W.D. La. 2007).
“R.S. 27:68(B) & (E). Section 68(B) states, in pertinent part: [T]he sale, assignment, transfer, pledge, or disposition of a security or securities which represents five percent or more of the total outstanding shares issued by a corporation that holds a license is conditional…”
— La. Rev. Stat. § 27:68(B) — 2 cases
Metro Riverboat Assocs. v. La. Gaming Bd., 774 So. 2d 1193 (La. Ct. App. 2000).
“R.S. 27:68 addresses the transfer of securities of a corporation that holds a license or permit, which may or may not be accomplished through the immediate and direct participation of the corporation or the transferee; i.”
Robin v. Binion, 469 F. Supp. 2d 375 (W.D. La. 2007).
“R.S. 27:68(B) & (E). Section 68(B) states, in pertinent part: [T]he sale, assignment, transfer, pledge, or disposition of a security or securities which represents five percent or more of the total outstanding shares issued by a corporation that holds a license is conditional…”
— La. Rev. Stat. § 27:68(E) — 3 cases
Metro Riverboat Assocs. v. La. Gaming Bd., 774 So. 2d 1193 (La. Ct. App. 2000).
“R.S. 27:68 addresses the transfer of securities of a corporation that holds a license or permit, which may or may not be accomplished through the immediate and direct participation of the corporation or the transferee; i.”
Metro Riverboat Assocs., Inc. v. Louisiana Gaming Control Bd., 761 So. 2d 694 (La. Ct. App. 2000).
“R.S. 27:68 E, “any person acquiring five percent or more in the total outstanding shares of a licensee or a five percent or more economic interest in a licensee is required to obtain the division’s approval prior to such transaction.”
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