59.1-382 - Issuance of operator's license. - Virginia Statutes

§ 59.1-382. Issuance of operator's license.

The Commission shall promptly consider any application for an operator'slicense and grant a valid operator's license to applicants who meet thecriteria set forth in this chapter and established by the Commission. TheCommission shall deny a license to any applicant, unless it finds:

1. That such applicant is a corporation organized under Title 13.1 orcomparable law of another state, and qualified to do business in Virginia;

2. That, if the corporation is a stock corporation, all principalstockholders have submitted to the jurisdiction of the Virginia courts andall nonresident principal stockholders have designated the ExecutiveSecretary of the Commission as their agent for process, and further, that anapplication shall also contain information as required by § 59.1-377;

3. That the applicant's articles of incorporation provide that thecorporation may, on vote of a majority of the stockholders or members,purchase at fair market value the entire membership interest of anystockholder, or require the resignation of any member, who is or becomesunqualified for such position under § 59.1-379;

4. That the applicant would be qualified for a license to own such horseracetrack or satellite facility under the provisions of §§ 59.1-378 and59.1-379;

5. That the applicant has made provisions satisfactory to the Commission forthe detection and prosecution of any illegal, corrupt or fraudulent act,practice or conduct in connection with any race meeting or pari-mutuelwagering, that the applicant has made provision for membership in theThoroughbred Racing Association or other equivalent applicable association,and that the applicant shall utilize the services of the Thoroughbred RacingProtective Bureau or any other protective agency acceptable to the VirginiaRacing Commission;

6. That the applicant has met the criteria established by the Commission forthe granting of an operator's license.

(1988, c. 855; 1991, c. 591; 1992, c. 820.)