Section 165.62. Forfeiture of property rights in the stock held in trust

No property rights shall exist in any shares of stock of any association or corporation which holds any license from the Commission, or any firm, association, or corporation which owns or leases to any licensed corporation a race track at which pari-mutuel racing is conducted, or any firm, association, or corporation which participates in the management of any association or corporation which holds a license from the Commission which are held in trust for the benefit of a person who is prohibited under the State Horse Racing Law (15 P. S. § § 2651—2675) and the provisions of this part from having any legal or beneficial interest in such stock, nor in having any shares of stock held in trust or for the benefit of another person unless the trust or the agreement under which said stock is held for another person is in writing. Upon final adjudication of forfeiture of stock pursuant to any suit brought by the Attorney General under section 8(d) of the State Horse Racing Law (15 P. S. § 2658), the Commission shall sell such stock as may be forfeited as a result of said final adjudication at public sale upon proper notice to the highest public bidder. The place and time of sale together with the form of notice shall be such as may be determined by the Commission in each instance.

Notation

Cross References

This section cited in 58 Pa. Code § 165.13 (relating to filing of information concerning stock transfers).