Individual licensing of key executives and employees — Removal from position if found unsuitable or if license is denied or revoked — Suspension of suitability by commission
Arkansas Constitution, Amendment 100, sec. 4
(a)
- (1) Each key executive and employee of a private investment company whom the Arkansas Racing Commission determines is or is to become actively and directly engaged in the administration or supervision of, or have any other significant involvement with, the gaming activities of the private investment company or any of its affiliated, intermediary, or subsidiary companies must be found suitable therefor and may be required to be licensed by the commission.
- (2) Any person who has a relationship to a private investment company of a type described in this part with respect to publicly traded corporations shall file an application for finding of suitability and may be required to be licensed.
(b)
- (1) If any key executive or employee of a private investment company required to be licensed or found suitable pursuant to subsection (a) of this section fails to apply for a casino license or finding of suitability within thirty (30) days after being requested to do so by the commission, or is denied a license or is not found suitable by the commission, or if his or her license or the finding of his or her suitability is revoked after appropriate findings by the commission, the private investment company shall immediately remove that key executive or employee from any office or position wherein the key executive or employee is actively and directly engaged in the administration or supervision of, or has any other significant involvement with, the gaming activities of the private investment company or any of its affiliated or intermediary companies.
- (2) If the commission suspends the finding of suitability of any key executive or employee, the private investment company shall, immediately and for the duration of the suspension, suspend that key executive or employee from performance of any duties wherein the key executive or employee is actively and directly engaged in administration or supervision of, or has any other significant involvement with, the gaming activities of the private investment company or any of its affiliated or intermediary companies.