Eligibility for delayed licensing
Arkansas Constitution, Amendment 100, sec. 4
- (a) A limited partnership that has filed an application to be registered with the Arkansas Racing Commission may file an application for approval of delayed licensing of its limited partners.
(b)
- (1) Only limited partners whose aggregate effective ownership percentage in the limited partnership is no more than ten percent (10%) will be considered for delayed licensing approval.
- (2) For purposes of determining aggregate effective ownership percentage, a natural person who is part of a legal entity that is a limited partner shall be deemed to have the percentage ownership interest held by the legal entity.
- (c) A general partner is not eligible for delayed licensing.
(d)
- (1) A limited partnership seeking delayed licensing of its limited partners shall apply for a ruling from the commission, upon recommendation of the commission, that it is eligible for delayed licensing of its limited partners.
- (2) Such application may be made at the same time that the limited partnership applies for a state casino license or registers with the commission, and must include the information from limited partners required by this part.