RELATES TO: KRS 230.215, 230.310
NECESSITY, FUNCTION, AND CONFORMITY: KRS 230.215(2) and
230.260(3) authorize the corporation to promulgate administrative regulations
prescribing the conditions under which horse racing shall be conducted in
Kentucky. This administrative regulation establishes requirements for the
licensing of racing stables under the stable name and disclosure of
ownership.
Section 1.
(1) Registration Required. A racing, farm,
corporate, or
stable name may be used by an
owner or
lessee if registered with:
(a) The U.S. Trotting Association;
and
(b) The corporation.
(2) A person shall provide his or
her name to the corporation if he or she has:
(a) An interest in the stable; or
(b) Intends to utilize its name.
(3) A person listed in a
registered stable that is racing a
horse shall have a license issued by the
Kentucky
Horse Racing and Gaming Corporation in accordance with
810 KAR 3:020.
An
owner and any person listed in a registered stable shall be liable for
entry
fees and penalties imposed upon the registered stable.
Section 2. Suspension. If one (1) of the
owners or persons listed in a registered stable is suspended, all of the horses
in that stable shall be included in the suspension.
Section 3. Corporate and Limited Partnership
Ownership.
(1)
(a) If a horse is owned by a corporation, the
corporation and any officer, director, or stockholder owning five (5) percent
or more of the stock shall be licensed by the United States Trotting
Association and the corporation.
(b) A stockholder owning less than five (5)
percent of the stock shall be reported monthly by the corporation to the
corporation, but shall not be required to be licensed by the corporation. The
information to be reported shall include names and amount of stock owned,
address, Social Security number, and date of birth.
(2)
(a) If
a horse is owned by a limited partnership, the general partner and all limited
partners owning an interest of five (5) percent or more shall be licensed by
the United States Trotting Association and the corporation.
(b) A limited partner owning less than a five
(5) percent interest shall be reported monthly to the corporation, and the
required information shall include names and interests owned, address, Social
Security number, and date of birth. A limited partner owning less than a five
(5) percent interest shall not be required to be licensed by the
corporation.
