23 CAR § 358-1518 – Eligibility for delayed licensing

(a) A limited liability company that has filed an application to be registered with the Arkansas Racing Commission may file an application for approval of delayed licensing of its members.
(b)
1. (1) Only members whose aggregate effective ownership percentage in the limited liability company is no more than ten percent (10%) will be considered for delayed licensing approval.
2. (2) For purposes of determining aggregate effective ownership percentage, a natural person who is part of a legal entity that is a member shall be deemed to have the percentage ownership interest held by the legal entity.
(c) Neither a member having management authority or responsibility nor a manager is eligible for delayed licensing.
(d)
1. (1) A limited liability company seeking delayed licensing of its members shall apply for a ruling from the commission, upon recommendation from the commission, that it is eligible for delayed licensing of its members.
2. (2) Such application may be made at the same time that the limited liability company applies for state casino license or registers with the commission, and must include the information from members required by this part.