Section 69.5-01-05-16 - Licensing requirements for multiple owners1. If the legal owner of any horse is a partnership, corporation, limited liability company, syndicate, or other association or entity, each shareholder, member, or partner holding a five percent or greater beneficial interest shall be licensed as required in this rule.2. Each partnership, corporation, limited liability company, syndicate, or other association or entity shall disclose to the commission all owners holding a five percent or greater beneficial interest, unless otherwise required by the commission.3. Each partnership, corporation, limited liability company, syndicate, or other association or entity which includes an owner with less than a five percent ownership or beneficial interest shall file with the commission an affidavit which attests that, to the best of their knowledge, every owner, regardless of their ownership of beneficial interest, is not presently ineligible for licensing or suspended in any racing jurisdiction.4. To obtain an owner's license, an owner with less than a five percent ownership or beneficial interest in a horse shall establish a bona fide need for the license and the issuance of such license shall be approved by the stewards. In the event that no owner has greater than a five percent ownership or beneficial interest in a horse, no less than one owner shall be licensed by the commission.5. Application for joint ownership shall include a designation of a managing owner and a business address. Receipt of any correspondence, notice, or order at such address shall constitute official notice to all persons involved in the ownership of such horse.6. The written appointment of a managing owner of authorized agent shall be .led with the commission.N.D. Admin Code 69.5-01-05-16
Amended by Administrative Rules Supplement 2015-355, January 2015, effective 1/1/2015.General Authority: NDCC 53-06.2-04, 53-06.2-05, 53-06.2-10
Law Implemented: NDCC 53-06.2-01, 53-06.2-04, 53-06.2-05, 53-06.2-10