Section 017-1-7 - Corporate RequirementsCorporations racing horses in Maine shall furnish the following information:
1. The corporation shall designate to the Judges and the Commission the name of one individual, preferably an officer who shall act as agent for the corporation.2. All persons listed in the corporation shall be liable for entry fees and penalties against horses raced by the corporation.3. In the event that one of the persons listed in the corporation is suspended all horses owned by the corporation shall be suspended.4. Each of the persons holding a beneficial interest in the corporation shall be in good standing in racing.5. Each of the persons holding a beneficial interest in the corporation shall be licensed as an owner. If more than five persons have a beneficial interest in the corporation then the corporation shall designate by vote one member holding a beneficial interest to receive a license in the name of the corporation and to assume all responsibilities thereof.6. The provisions of the Corporation Rules shall not apply to stockholders of publicly held corporations consisting of twenty-five or more stockholders. However, officers and directors of such publicly held corporations shall be liable to all of the provisions of the Corporation Rules as set forth above.01- 017 C.M.R. ch. 1, § 7