Sec. 7. (a) If the racing plant is leased by the applicant, the owner of the racing plant must file a copy of the current
lease with the application unless a copy is already on file with the commission.
Ask a business law question, get an answer ASAP!
Thousands of highly rated, verified business lawyers.
Click here to chat with a lawyer about your rights.
Terms Used In Indiana Code 4-31-5-7
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
(1) A current financial statement showing assets and liabilities.
(2) Its latest operating statement showing income and expenses related to the racing plant.
(3) A list of the names, addresses, and occupations of all of its officers, directors, owners, shareholders, or partners. However, in the case of a corporation whose stock is publicly traded, this information is required only for the corporation’s officers and directors and for those stockholders owning or controlling five percent (5%) or more of the stock of the corporation.
(4) Any other information requested by the commission.
(c) If another business entity owns or controls five percent (5%) or more of the stock of a corporation or five percent (5%) or more of the capital or profits of a partnership that files the information required by subsection (a) or (b), the other business entity is required to file the same information.
As added by P.L.341-1989(ss), SEC.2. Amended by P.L.24-1992, SEC.13.
