Each person who acquires beneficial ownership or record ownership of any direct or indirect interest in any voting security in a private investment company which is registered with the Arkansas Racing Commission, and who has been found suitable by the commission shall not, without the prior approval of the commission, sell, assign, transfer, pledge, or otherwise dispose of any voting security of such private investment company, or any other security held by it that is convertible or exchangeable into a voting security of the private investment company.