The Arkansas Racing Commission may determine a holding company to be unsuitable, or take other disciplinary action, if after the commission serves notice that a person is unsuitable to have a relationship to or involvement with such holding company, the holding company, or an intermediary company:

1. (1) Pays to any person found to be unsuitable any dividend or interest upon any securities referred to in said section, or any payment or distribution of any kind whatsoever;
2. (2) Recognizes the exercise by any such unsuitable person, directly or indirectly, or through any proxy, trustee, or nominee, of any voting right conferred by any securities or interest in any securities;
3. (3) Pays to any such unsuitable person any remuneration in any form, for services rendered or otherwise, or permits the corporate casino licensee to make any such payment; or
4. (4) Makes any other payment or distribution, of any kind whatsoever, in respect of any such security or interest by way of, or pursuant to payment of principal, redemption, conversion, exchange or liquidation, or any other transaction.