Section 185.51. Individual stockholders—voting and nonvoting stock

(a) Requirement to obtain affidavits. Every association or corporation which owns 25% or more of the stock of an association shall obtain, contemporaneously with the original issuance or transfer on its books of its voting or nonvoting stock to an individual an affidavit in duplicate, executed by such individual wherein he shall state:

(1) His name.

(2) His address.

(3) His age (not applicable in case of nonvoting stock).

(4) His occupation (not applicable in case of nonvoting stock).

(5) The number of shares transferred to him.

(6) Whether he is the sole beneficial owner of the stock.

(7) Whether he has been convicted of a crime involving moral turpitude.

(8) Whether he has been engaged in bookmaking or other forms of illegal gambling.

(9) Whether he has been found guilty of any fraud or misrepresentation in connection with racing or breeding.

(10) Whether he has been guilty of any violation or attempt to violate any law, rule or regulation of any racing jurisdiction, for which suspension from racing might be imposed in such jurisdiction.

(11) Whether he has violated any rule, regulation or order of the Commission.

(12) That he does not hold any elected office in the Commonwealth of Pennsylvania or any political subdivision thereof; is not employed by the Commonwealth of Pennsylvania or any political subdivision thereof; and is not a member of a National Party Committee, a chairman, vice-chairman, secretary, treasurer, counsel or member of an Executive Committee of a State committee, a county chairman, vice-chairman, counsel, secretary or treasurer of a county committee or a city chairman, vice-chairman, counsel, secretary or treasurer of a city committee.

(b) Change of status of affiant other than by stock transfer. If, subsequent to the filing of any affidavit required under subsection (a), the status of any affiant changes without a transfer of stock with respect to any of the matters set forth in subsection (a)(5) to (12), inclusive, such affiant shall forthwith file with the association or corporation with which his affidavit was originally filed, a new affidavit in duplicate setting forth with particularity such change.

Notation

Cross References

This section cited in 58 Pa. Code § 185.52 (relating to corporations—voting and nonvoting stock); 58 Pa. Code § 185.53 (relating to partnership stockholders); 58 Pa. Code § 185.54 (relating to unincorporated club or other unincorporated organization as stockholder); 58 Pa. Code § 185.56 (relating to affidavit of beneficial owners other than a registered stockholder); and 58 Pa. Code § 185.58 (relating to change of status of affiants who are beneficial owners).