- (a) The Arkansas Racing Commission may determine, upon recommendation of the commission, at the time of initial application by a private investment company, or at any time thereafter, that the public interest and the purposes of the act require that any person who has a material relationship to, or material involvement with, a private investment company, affiliated company, or a licensee that is subject to the jurisdiction of the act should apply for a finding of suitability or licensing.
- (b) A person may be deemed to have a material relationship to, or material involvement with, a private investment company, affiliated company, or licensee if the person is a controlling person or key executive of the private investment company, affiliated company, or licensee, or if the person, as an agent, consultant, advisor, or otherwise, exercises significant influence upon the management or affairs of the private investment company, affiliated company, or licensee.
- (c) The foregoing powers of the commission are not limited to persons having a formal and direct involvement or relationship with a private investment company, affiliated company, or licensee, nor to persons who are beneficial owners of any stated percentage of the outstanding economic securities of a private investment company, affiliated company, or licensee.