Section 165.53. Partnership stockholders

(a) Requirement to obtain affidavit. Whenever a transfer of stock of any corporation which is licensed by the Commission, or of any corporation which leases to such licensee the track at which it conducts pari-mutuel thoroughbred horse races, or which owns 25% or more of the stock of such licenses, shall be made to a partnership, said corporation shall obtain contemporaneously with said transfer, whether original issuance or otherwise, an affidavit, in duplicate, executed by a general partner containing the following:

(1) The trade name of the partnership.

(2) The address of its principal office.

(3) If a foreign partnership, the address of its principal office, if any, in this Commonwealth.

(4) The names, addresses, and ages of all the general and limited partners, designating which partners are general and which are limited.

(5) The number of shares transferred to the partnership.

(6) A statement to the effect that if there is any change in the status of the partnership with respect to any of the matters set forth in paragraph (4), except with regard to a change of age or address, it shall forthwith file with the corporation a new affidavit setting forth such change of status.

(b) Affidavits of partners. In addition to the affidavit required under subsection (a) of this section, the partnership shall file affidavits, in duplicate, containing the information set forth in § 165.51(a) (relating to individual stockholders—voting and nonvoting stock), executed by every member of the partnership who possesses, either directly or indirectly, the power to cause the direction of the management and policies of the partnership, whether by contract or otherwise.

(c) Change of status of affiant other than by stock transfer. If subsequent to the filing of any affidavit required under subsections (a) and (b), the status of any affiant changes with respect to any of the matters set forth in subsection (a)(4) and (5), in the case of a partnership affiant, or in § 165.51(a)(5) to (12), inclusive, in the case of an individual affiant, such partnership shall forthwith file with the corporation with which his affidavit was originally filed, a new affidavit setting forth with particularity such change; provided, however, that new affidavits need not be filed if the only changes are changes relating to the age or address of the partners.

Notation

Cross References

This section cited in 58 Pa. Code § 165.13 (relating to filing of information concerning stock transfers); and 58 Pa. Code § 165.31 (relating to occupational and participation licenses).