The commission may adopt a resolution authorizing a trustee to temporarily conduct gambling games at a racetrack if any of the following occur with respect to that particular racetrack:

1. (1) The commission revokes the owner's permit or gambling game license.
2. (2) The commission declines to renew the owner's permit or gambling game license.
3. (3) A proposed transferee is denied a permit under IC 4-31 or a gambling game license under this article when attempting to purchase the racetrack and obtain a permit, but the person who attempted to sell the racetrack is unable or unwilling to retain ownership or control of the racetrack.
4. (4) A permit holder agrees in writing to relinquish control of the racetrack to a trustee as approved by the commission.

As added by P.L.142-2009, SEC.28.