If the applicant for a license as a multi-jurisdictional totalizator hub is a corporation, shareholders holding five percent or more of the corporation’s stock must file an application and consent to a background investigation to determine the suitability for licensure. The commission may require any shareholder owning less than five percent of the corporation’s stock to file an application and consent to a background investigation to determine the stockholder’s suitability for licensure. If the applicant for a license as a multi-jurisdictional totalizator hub is a formal or an informal partnership each partner must file an application and consent to a background investigation to determine the applicant’s suitability for licensure.

Source: 32 SDR 32, effective August 30, 2005.

General Authority: SDCL 42-7-56(15 )( 16)(17).

Law Implemented: SDCL 42-7-56(15)(16)(17) 42-7-58.1 , 42-7-58.7.