Limited partnership noncompliance
Arkansas Constitution, Amendment 100, sec. 4
- (a) Whenever the Arkansas Racing Commission determines that the public interest will be served by requiring any or all of the limited partnership’s lenders, holders of evidences of indebtedness, underwriters, key executives and agents, employees, or other persons dealing with the limited partnership and having the power to exercise a significant influence over decisions by the limited partnership to be licensed, the commission shall serve a notice of such determination upon the limited partnership either personally or by certified mail.
- (b) If the person or entity that is the subject of such determination shall not have, within thirty (30) days following the receipt of such notice, applied for a license, the limited partnership may be deemed to have failed to comply.