23 CAR § 358-1511 – Persons who may be determined to be unsuitable

(a) If at any time the Arkansas Racing Commission finds that an individual owner of any such interest is unsuitable to hold that interest, the commission shall immediately notify the limited liability company of that fact.
(b) The limited liability company shall, within ten (10) days after the date that it receives the notice from the commission, return to the unsuitable owner, in cash, the amount of the unsuitable owner’s capital account as reflected on the books of the company.
(c) Without in any manner limiting the foregoing, the following persons may be determined to be unsuitable:
1. (1) Any person who, having been notified by the member, the commission, or the commission of the requirement that such persons be licensed, fails, refuses, or neglects to apply for such licensing within thirty (30) days after being requested to do so by the commission;
2. (2) Any record holder of a security issued by a limited liability company licensee or a holding company who fails, refuses, or neglects, upon request of the commission, to furnish to the commission within thirty (30) days after such request, full, complete, and accurate information as to the owner of any beneficial interest in such security; or
3. (3) Any record owner of a security that is beneficially owned, in whole or in part, by a person determined to be unsuitable by the commission.