Mich. Admin. Code R. 432.521a - Notification by licensees, applicants, and affiliates required
Rule 521a.
(1) A
licensee, applicant, or affiliate must notify the board, as soon as practicable
after it becomes aware that, with regard to the licensee, applicant, or
affiliate, any person has any of the following:
(a) Beneficially acquired more than 5% of any
class of the licensee's, applicant's, or affiliate's equity
securities.
(b) Acquired voting
rights with the power to vote 5% or more of the licensee's, applicant's, or
affiliate's outstanding voting rights.
(c) The ability to control the licensee,
applicant, or affiliate.
(d) The
ability to elect 1 or more directors of the licensee, applicant, or
affiliate.
(2) To the
extent known by the licensee, applicant, or affiliate, the required
notification must include the name, business address, phone number, and other
personal identification information for each person.
(3) A licensee or applicant must report to
the board the election or appointment of a director or officer of that licensee
or applicant or an affiliate of that licensee or applicant that is actively and
directly engaged in the administration or supervision of the applicant's or
licensee's fantasy contest operations.
(4) A licensee, applicant, and all other
persons covered by this part must file any other document requested by the
board to ensure compliance with the act or this part within 30 days after the
board requests the document or at another time established by the
board.
(5) A publicly traded
corporation is considered to have complied with this rule if it has complied
with the reporting requirements in
R 432.521c.
Notes
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