Arkansas Racing Commission approval required for dispositions of outstanding securities issued by holding companies or intermediary companies
Arkansas Constitution, Amendment 100, sec. 4
- (a) No person other than the issuer shall sell, assign, transfer, pledge, or make any other disposition of any security issued by any holding company without the prior approval of the Arkansas Racing Commission.
- (b) As used herein, the terms “sale, assignment, transfer, pledge, or other disposition” extend to dispositions of any type of ownership referred to in this part.
- (c) Included within the meaning of the term “disposition” as used in this subpart are the granting of a proxy or a transfer or disposition of a type described in this part.
- (d) Every approval required by this subpart shall be sought by the filing of an application complying with the procedures set forth in this part.