§ 3517. Change in ownership or control of terminal operator licensee
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 4 Pa.C.S.A. AmusementsEffective: October 30, 2017
Effective: October 30, 2017
4 Pa.C.S.A. § 3517
§ 3517. Change in ownership or control of terminal operator licensee
(2)(i) Notwithstanding the provisions of paragraph (1), no terminal operator licensee may be required to notify the board of an acquisition by an institutional investor under paragraph (1)(i) or (ii) if the institutional investor holds less than 10% of the securities or other ownership interests referred to in paragraph (1)(i) or (ii), the securities or interests are publicly traded securities and its holdings of the securities were purchased for investment purposes only and the institutional investor files with the board a certified statement to the effect that it has no intention of influencing or affecting, directly or indirectly, the affairs of the licensee, provided, however, that it shall be permitted to vote on matters put to the vote of the outstanding security holders.
(2) A change in control of a terminal operator licensee shall require that the terminal operator licensee independently qualify for a license in accordance with this part, and the terminal operator licensee shall pay a new license fee as required by section 4101, except as otherwise required by the board pursuant to this section.
(c) Change in control defined.--For purposes of this section, a change in control of a terminal operator licensee shall mean the acquisition by a person or group of persons acting in concert of more than 20% of a terminal operator licensee's securities or other ownership interests, with the exception of any ownership interest of the person that existed at the time of initial licensing and payment of the initial slot machine license fee, or more than 20% of the securities or other ownership interests of a corporation or other form of business entity that owns directly or indirectly at least 20% of the voting or other securities or other ownership interests of the licensee.
(d) Fee reduction.--The board may, in its discretion, eliminate the need for qualification or proportionately reduce, but not eliminate, the new license fee otherwise required pursuant to this section in connection with a change of control of a licensee, depending upon the type of transaction, the relevant ownership interests and changes to the interests resulting from the transaction and other considerations deemed relevant by the board.
(e) License revocation.--Failure to comply with this section may cause the license issued under this part to be revoked or suspended by the board unless the purchase of the assets or the change in control that meets the criteria of this section has been independently qualified in advance by the board and any required license fee has been paid.
Credits
2017, Oct. 30, P.L. 419, No. 42, § 32.3, imd. effective.
4 Pa.C.S.A. § 3517, PA ST 4 Pa.C.S.A. § 3517
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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