A. Each person who, individually or in association with others, acquires, directly or indirectly, beneficial ownership of five percent or more of any voting securities in a publicly traded corporation registered with the board may be required to be found suitable if the board has reason to believe that the acquisition of the ownership would otherwise be inconsistent with the declared policy of this state.
B. Each person who, individually or in association with others, acquires, directly or indirectly, beneficial ownership of five percent or more of any class of voting securities of a publicly traded corporation certified by the board shall notify the board within ten days after acquiring such interest.
C. Each person who, individually or in association with others, acquires, directly or indirectly, the beneficial ownership of more than ten percent of any class of voting securities of a publicly traded corporation certified by the board shall apply to the board for a finding of suitability within thirty days after acquiring such interest.
D. Institutional investors that have been exempted from or have received a waiver of suitability requirements pursuant to regulations adopted by the board are not required to comply with this section.
E. Any person required by the board or by the provisions of this section to be found suitable shall apply for a finding of suitability within thirty days after the board requests that he do so.
F. Any person required by the board or the provisions of this section to be found suitable who subsequently is found unsuitable by the board shall not hold directly or indirectly the beneficial ownership of any security of a publicly traded corporation that is registered with the board beyond that period of time prescribed by the board.
G. The board may, but is not required to, deem a person qualified to hold a license or be found suitable as required by this section if the person currently holds a valid license issued by, or has been found suitable by, gaming regulatory authorities in another jurisdiction, provided that the board finds that the other jurisdiction has conducted a thorough investigation of the applicant and has criteria substantially similar to those of the board to determine when a person is to be found suitable or to obtain a license.
History: Laws 1997, ch. 190, ยง 26.
Structure New Mexico Statutes
Chapter 60 - Business Licenses
Section 60-2E-1 - Short title.
Section 60-2E-3 - Definitions.
Section 60-2E-4 - Limited gaming activity permitted.
Section 60-2E-5 - Gaming control board created.
Section 60-2E-6 - Board; meetings; quorum; records.
Section 60-2E-7 - Board's powers and duties.
Section 60-2E-8 - Board regulations; discretionary regulations; procedure; required provisions.
Section 60-2E-9 - Executive director; employment; qualifications.
Section 60-2E-10 - Executive director; powers; duties.
Section 60-2E-11 - Investigation of executive director candidates and employees.
Section 60-2E-12 - Conflicts of interest; board; executive director; employees.
Section 60-2E-13 - Activities requiring licensing.
Section 60-2E-13.1 - Temporary possession of gaming device for limited purpose.
Section 60-2E-14 - Licensure; application.
Section 60-2E-15 - License, certification and work permit fees.
Section 60-2E-16 - Action by board on applications.
Section 60-2E-17 - Investigation for licenses, certifications and permits.
Section 60-2E-18 - Eligibility requirements for companies.
Section 60-2E-19 - Company applicants; nonprofit organization applicants; required information.
Section 60-2E-22 - Change in company ownership.
Section 60-2E-30 - Licensing of distributors of gaming devices.
Section 60-2E-33 - Emergency orders of board.
Section 60-2E-34.1 - Self-exclusion from gaming establishments; procedure; fines; confidentiality.
Section 60-2E-35 - Internal control systems.
Section 60-2E-36 - Gaming employees; issuance of work permits; revocation of work permits.
Section 60-2E-37 - Age requirement for patrons and gaming employees.
Section 60-2E-38 - Calculation of net take; certain expenses not deductible.
Section 60-2E-39 - Limitations on taxes and license fees.
Section 60-2E-40 - Use of chips, tokens or legal tender required for all gaming.
Section 60-2E-42 - Motion for release of confidential information.
Section 60-2E-43 - Gaming machine central system.
Section 60-2E-44 - Machine specifications.
Section 60-2E-46 - Examination of gaming devices; cost allocation.
Section 60-2E-47 - Gaming tax; imposition; administration.
Section 60-2E-47.1 - Repealed.
Section 60-2E-48 - Civil actions to restrain violations of Gaming Control Act.
Section 60-2E-49 - Testimonial immunity.
Section 60-2E-50 - Crime; manipulation of gaming device with intent to cheat.
Section 60-2E-52 - Crime; cheating.
Section 60-2E-54 - Crime; reporting and record violations; penalty.
Section 60-2E-56 - Underage gaming; penalty for permitting or participation.
Section 60-2E-57 - Crime; general penalties for violation of act.
Section 60-2E-59 - Administrative appeal of board action.
Section 60-2E-60 - Judicial review of administrative actions.
Section 60-2E-62 - Crime; unlawful possession of gaming device.