After licensing a corporation, other than a publicly traded corporation:

1. (1)

   1. (A) Before it may issue or transfer any security to any person, shall file a report of its proposed action with the Arkansas Racing Commission.
   2. (B) The commission shall have ninety (90) days within which to approve or deny the request.
   3. (C) If the commission denies the request, the corporation shall not issue or transfer any such security; and

2. (2)

   1. (A) Shall file a report of each change of the corporate officers and the members of its board of directors with the commission within thirty (30) days after the change becomes effective.
   2. (B) The commission has ninety (90) days within which to approve or disapprove the change.
   3. (C) During the ninety-day period and thereafter if the commission does not disapprove the change, the officer or member of the board of directors is entitled to exercise all powers of the office to which the officer or member was so elected or appointed.

   4. (D) The report shall consist of an application signed by the president, or a vice president, and the secretary, or assistant secretary, of the applicant on an official form and, to the extent not inconsistent with the requirements of such form, setting forth the following information:

      1. (i) The name, address, and telephone number of the applicant;

      2. (ii)

         1. (a) (a) Whether or not the applicant is a licensee, holding company, or intermediary company.
         2. (b) (b) If the applicant is not a licensee, but has applied for a license, the application shall set forth the date of such application and a statement of its current status;

      3. (iii)

         1. (a) (a) If the applicant is the holder of or has pending an application for a state casino license, the application shall set forth all of the information required to be set forth in a registration statement by such applicant.
         2. (b) (b) Such information may be incorporated by reference to the registration statement of the applicant, provided, however, that such information shall be as of a date not later than thirty (30) days preceding the date of such application;

      4. (iv)

         1. (a) (a) If the applicant is a holding company or intermediary company, the application shall set forth all of the information required to be set forth in a registration statement or furnished to the commission.
         2. (b) (b) Such information may be incorporated by reference to the registration statement of, or information previously filed by such person, provided, however, that such information shall be as of a date not later than thirty (30) days prior to the date of such application; and

      5. (v)

         1. (a) (a) The identity and address of each proposed purchaser or transferee of the securities covered by such application.
         2. (b) (b) The application will not be approved unless and until the proposed transferee complies with this part.