Current through Register Vol. 54, No. 45, November 9, 2024
Section 429a.8 - Change of control of a manufacturer designee licensee(a) For purposes of this section, a change of control of a manufacturer designee licensee will be deemed to have occurred when a person or group of persons acquires: (1) More than 20% of a manufacturer designee licensee's securities, assets or other ownership interests.(2) More than 20% of the securities or other ownership interests of a corporation or other form of business entity that owns directly or indirectly at least 20% of the voting or other securities or other ownership interests of the manufacturer designee licensee.(3) Any other interest in a manufacturer designee licensee which allows the acquirer to control the manufacturer designee licensee.(b) A manufacturer designee licensee shall notify the Bureau and the Bureau of Licensing by filing a Notification of Proposed Transfer of Interest Form immediately upon becoming aware of any proposed or contemplated change of control of the manufacturer designee licensee.(c) Prior to acquiring a controlling interest in a manufacturer designee licensee, the acquirer shall file a petition in accordance with § 493a.4 (relating to petitions generally) requesting Board approval of the acquisition. The petition must include: (1) A copy of all documents governing the acquisition.(2) Completed applications for the acquiring company, as required under this chapter, principals as required under Chapter 433a (relating to principal licenses) and key employees as required under § 435a.2 (relating to key employee license).(3) An affirmation that neither the acquirer nor any of its affiliates, intermediaries, subsidiaries or holding companies is a slot machine licensee and that the acquirer has neither applied for nor holds a supplier license.(d) A person or group of persons seeking to acquire a controlling interest in a manufacturer designee licensee shall promptly provide any additional information requested by the Board and Board staff and cooperate with the Bureau in any investigations related to the petition filed under subsection (b).(e) A person or group of persons may not acquire a controlling interest in a manufacturer designee licensee until the petition, required under subsection (b), has been approved. A person or group of persons seeking to acquire a controlling interest in a manufacturer designee licensee and the manufacturer designee licensee may enter into a sales agreement that is contingent on Board approval of the petition.(f) The requirements of this section do not apply to the acquisition of a controlling interest in a manufacturer designee licensee when the following conditions are met: (1) The acquirer is an existing licensed manufacturer designee.(2) The existing licensed manufacturer designee has provided the Bureau and the Bureau of Licensing notification and a copy of all documents governing the acquisition at least 60 days prior to the acquisition.(3) After reviewing the documentation, the Bureau and the Bureau of Licensing determine that the filing of a petition is not required.The provisions of this §429a.8 adopted June 12, 2015, effective 6/13/2015, 45 Pa.B. 2829.The provisions of this § 429a.8 issued under 4 Pa.C.S. §§ 1202(b)(9)-(23), 1205, 1206(f) and (g), 1207(1) and (2), 1208(1)(iii), 1209(b), 1212, 1213, 13A11, 13A12-13A14, 13A15 and 1802 and Chapter 13.
This section cited in 58 Pa. Code § 433a.3 (relating to interests in licensees held by individuals); and 58 Pa. Code § 433a.4 (relating to interests in licensees held by entities).