A. Before a company licensee, other than a publicly traded corporation, may issue or transfer five percent or more of its ownership to a person, it shall file a report of its proposed action with the board, which report shall request the approval of the board. The board shall have ninety days within which to approve or deny the request. If the board fails to act in ninety days, the request is deemed approved. If the board denies the request, the company shall not issue or transfer five percent or more of its securities to the person about whom the request was made.
B. A company licensee shall file a report of each change of the corporate officers and directors with the board within thirty days of the change. The board shall have ninety days from the date the report is filed within which to approve or disapprove such change. During the ninety-day period and thereafter, if the board does not disapprove the change, an officer or director is entitled to exercise all powers of the office to which the officer or director was elected or appointed.
C. A company licensee shall report to the board in writing a change in company personnel who have been designated as key executives. The report shall be made no later than thirty days after the change.
D. The board may require that a company licensee furnish the board with a copy of its federal income tax return within thirty days after the return is filed.
History: Laws 1997, ch. 190, § 27; 2009, ch. 199, § 10.
The 2009 amendment, effective June 19, 2009, in Subsection A, after "five percent or more of its", deleted "securities" and added "ownership".
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.