Mich. Admin. Code R. 431.1065 - Ownership
Rule 1065.
(1)
Every legal entity having an ownership interest in a horse must be licensed as
an owner.
(2) If a legal entity
with more than 4 individuals owns interest in a single horse, each individual
holding a 5% or greater beneficial interest must be licensed as an owner
Individuals owning less than 5% must be eligible for licensure as an
owner.
(3) A joint ownership
agreement or lease shall accompany the application for an owner's
license.
(4) The executive director
may deny, suspend, or revoke the license of any owner whose ownership of a
horse is qualified or limited in part by the rights or an interest in such
horse being held or controlled by any other person or persons who would be
ineligible for licensing under these rules.
(5) A corporate or syndicate name, if any, is
considered a stable name for the purpose of these rules. The executive director
reserves the right to refuse registration of any corporate or syndicate
name.
(6) The stewards may grant an
owner with less than a 5%ownership or beneficial interest in a horse a license
if the owner can establish a bona fide need for the license.
Notes
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