Conn. Agencies Regs. § 12-574-A41 - Partnerships

Current through March 4, 2022

(a) Limitation on partnership. A horse may be owned by an individual or by a partnership provided such partnership complies with rule (k) of section 12-574-A9 but no horse shall be entered and run by an owning partnership if it contains more than four members or if the proportionate interest of any member is less than twenty-five (25) percent.
(b) Limitations on lessee of partnership. A horse owned by a partnership in which the number of members or proportionate interest of any member does not meet the requirements of rule (a) of this section may be entered and run only by a lessee of its racing qualities, which lessee shall be an individual or a partnership in which the number of members and the proportionate interest of every member meets the requirements of rule (a) of this section. In such a case, the lessee may be a member of or may include one or more members of the owning partnership.
(c) Annual report to the commission. All partnerships having any property, ownership or racing interest in a horse, and the name and address of every individual having any such interest in a horse, the relative proportions of such interest and the terms of any sale with contingencies, of any lease or of any arrangement must be signed by all the parties or by their authorized agents and be lodged annually at the office of the commission and must be approved by the commission and the fee required by the act paid before any horse which is a joint property or which is sold with contingencies or is leased can start in any race.
(d) Liability of partners. In the case of a partnership which, by ownership or lease, controls the racing qualities of a horse, all of the partners and each of them shall be jointly and severally liable for all stakes and obligations.
(e) Data to be declared. All statements of partnerships, of sales with contingencies, of leases or of arrangements shall declare to whom winnings are payable (which must be the name of the nominator), in whose name the horse will run and with whom rests the power of entry.
(f) The commission may disapprove. The commission shall have the right to disapprove any partnership, sale with contingencies, lease or other arrangement required to be lodged with and approved by it when, in the opinion of the commission, the effect of the partnership, sale, lease or other arrangement would be to deceive or improperly mislead the public as to the identity of the persons holding an interest in a horse.
(g) Emergency authority. In cases of emergency, authority to sign declarations of partnerships may be given to the commission by a telegram promptly confirmed in writing.
(h) Assignments restricted. No member of a partnership which owns a horse or leases the racing qualities of a horse shall assign his share or any part of or interest in it without the written consent of the other partners lodged and approved as provided by rule (c) of this section. No assignment of an interest in a partnership, which, by ownership or lease, controls the racing qualities of a horse, will be accepted if the effect of the assignment would be to create a partnership which would not be accepted under the terms of rule (c) of this section.

Notes

Conn. Agencies Regs. § 12-574-A41

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