(1) Each and every partnership must be
registered with the Commission. Every member of the partnership with a
beneficial interest of 20% or more shall be licensed. Every member of the
partnership with a beneficial interest of less than 20% shall not be licensed
unless they establish a bona fide need for the license and the
issuance of the license shall be approved by the stewards.
(2) Partnership papers shall, among other
things, set forth the following:
(a) the name
and address of each and every person having an interest in the horse or horses
involved;
(b) the relative
proportions of such interests;
(c)
to whom the winnings are payable;
(d) in whose name the horse or horses shall
run;
(e) with whom the power of
entry and declaration rests;
(f)
the terms of any contingency, lease or any other arrangement.
(3) All partnership papers must be
signed by all of the parties or by their authorized agents.
(4) In case of emergency, authority to sign
declarations of partnership may be given to the racing secretary by a telegram
promptly confirmed in writing.
(5)
The part owner of any horse cannot assign his or her share or any part of it,
without the written consent of the other partners, the said consent to be
lodged with the Gaming Commission.
(6) An alteration in a recorded partnership
registration to be effective must be reported in writing to the Commission and
signed by all partners.
(7) All the
parties licensed in a partnership and each of them shall be jointly and
severally liable for all stakes, forfeits and other obligations.
(8) In case of multiple ownership, each and
every owner shall be in good standing in racing. In a Limited Partnership and
every other form of partnership, only the Managing General Partner, General
Partners or a person designated to act on behalf of the partnership and
partners whose percentage of ownership is 20% or more of the total partnership
shall be licensed as owners. A partner whose percentage of ownership is less
than 20% of the total partnership shall not be licensed as an owner unless they
establish a
bona fide need for the license and the issuance of
the license shall be approved by the stewards. Those not licensed must provide
full disclosure by the partnership of:
(a)
The limited partner's name, address, date of birth, social security number and
criminal history if any;
(b) The
percentage of total partnership interest owned by the limited partner. If
limited partners are husband and wife, and their total ownership interest in
the partnership represents 20% or more of the total partnership, then they
shall both be licensed as owners.
(c) Said disclosure statement shall be made
under oath and accompanied by a copy of the partnership agreement.
If a limited partner with less than 20% interest of the total
partnership could not obtain a license for reasons outlined in
205 CMR
4.21, the Limited Partnership shall not be
licensed. In the event that one of the persons listed in the Limited
Partnership is suspended, all horses owned by the Limited Partnership may be
suspended, at the discretion of the Stewards and or the Commission.
It shall be the responsibility of the General Partner or his or
her licensed designee to notify the Stewards and Gaming Commission in writing
of any change in the ownership or interest in the Limited Partnership.
Only the Managing General Partner or a licensed partner or a
person designated to act on behalf of the partnership and is licensed can enter
a horse in a race.
