Section 60-1A-9 - Secondary licenses; applications; specific requirements. (Repealed effective July 1, 2012.) - New Mexico Statutes

60-1A-9. Secondary licenses; applications; specific requirements.   (Repealed effective July 1, 2012.)

A.     A person who is actively and directly engaged in the administration of a horse racetrack, whether in a financial, administrative, policymaking or supervisory capacity, shall hold a secondary license issued by the commission. 

B.     An application for a secondary license shall be submitted in writing on forms designated by the commission.  An applicant shall affirm that information contained in the application is true and accurate.  The application shall be signed by the applicant or the applicant's agent, and the signature shall be notarized.  

C.     If an applicant for a racetrack license is a corporation, all officers, directors, lenders or holders of evidence of indebtedness of the corporation and all persons who participate in any manner in a financial, administrative, policymaking or supervisory capacity are required to hold a secondary license issued by the commission.  

D.     A person who owns or holds, directly, indirectly or beneficially, ten percent or more of the total authorized, issued and outstanding shares of a corporation that is a racetrack licensee is required to hold a secondary license issued by the commission.  If the commission finds that a person who owns or holds, directly, indirectly or beneficially, ten percent or more of the total authorized, issued and outstanding shares of a corporation that is a racetrack licensee is unqualified to be issued a secondary license, the commission shall give notice of its finding to the corporation and to the person owning or holding the interest.  The ineligible person shall without delay offer the shares to the corporation for purchase.  If the corporation does not elect to purchase the shares, the person owning or holding the interest may offer the interest to other purchasers, subject to prior approval of the purchasers by the commission.    

E.     A secondary license shall be valid for a period not to exceed three years.  The commission may renew a secondary license upon expiration of the term of the license.  

F.     The fee for a secondary license issued pursuant to this section shall not exceed five hundred dollars ($500).