{
  "urn": "urn:us-la:rs:27:68",
  "title_number": "27",
  "section_number": "68",
  "citation": "R.S. 27:68",
  "heading": "Transfer",
  "text": "A. The transfer of a license or an interest in a license issued pursuant to this Chapter is prohibited.\n\nB. The sale, assignment, transfer, pledge, or disposition of a security or securities which represents five percent or more of the total outstanding shares issued by a corporation that holds a license is conditional and ineffective if disapproved by the division.\n\nC. A security issued by a corporation that holds a license must bear, on both sides of the certificate, a statement of the restrictions imposed by this Chapter. However, for a publicly traded corporation incorporated before January 15, 1992, a statement of restriction is necessary only for certificates issued by the corporation after the corporation applies for a license.\n\nD. If the division finds that an individual owner or holder of a security of a corporate licensee or of a holding or an intermediary company or any person or persons with an economic interest in a licensee, or a director, partner, officer, or manager is not qualified under this Chapter, and if as a result the licensee is no longer qualified to continue as a licensee, the division shall propose action necessary to protect the public interest, including the suspension or revocation of the license or permit. The division may also issue, under penalty a revocation of license, a condition of disqualification naming the person or persons and declaring that such person or persons may not:\n\n(1) Receive dividends or interest on securities of the corporation.\n\n(2) Exercise directly, or through a trustee or nominee, a right conferred by securities of the corporation.\n\n(3) Receive remuneration from the licensee.\n\n(4) Receive any economic benefit from the licensee.\n\n(5) Continue in an ownership or economic interest in a licensee or remain as a manager, officer, director, or partner of a licensee.\n\nE. After a license is granted, any person acquiring five percent or more in the total outstanding shares of a licensee or a five percent or more economic interest in a licensee is required to obtain the division's approval prior to such transaction. Failure to obtain division approval of a transfer is grounds for license revocation.",
  "status": "active",
  "hierarchy_path": [
    {
      "level": "title",
      "number": "27",
      "name": "LOUISIANA GAMING CONTROL LAW"
    },
    {
      "level": "chapter",
      "number": "4",
      "name": "THE LOUISIANA RIVERBOAT ECONOMIC DEVELOPMENT AND GAMING CONTROL ACT"
    },
    {
      "level": "part",
      "number": "VI",
      "name": "TRANSFER OF LICENSES OR PERMITS; RESTRICTIONS"
    }
  ],
  "breadcrumb": "Title 27 › Chapter 4 › Part VI",
  "acts_citations": [
    {
      "act_year": 1991,
      "act_number": 753,
      "section": 1,
      "effective_date": "1991-07-18",
      "effective_date_raw": "July 18, 1991. Redesignated from R.S. 4:528 by Acts 1996, 1st Ex. Sess., No. 7, §3, eff. May 1, 1996",
      "role": "enactment"
    },
    {
      "act_year": 2001,
      "act_number": 1222,
      "section": 1,
      "effective_date": "2001-07-02",
      "effective_date_raw": "July 2, 2001",
      "role": "amendment"
    }
  ],
  "acts_citations_raw": "Acts 1991, No. 753, §1, eff. July 18, 1991. Redesignated from R.S. 4:528 by Acts 1996, 1st Ex. Sess., No. 7, §3, eff. May 1, 1996; Acts 2001, No. 1222, §1, eff. July 2, 2001.",
  "source_url": "https://legis.la.gov/legis/Law.aspx?d=85062",
  "website_law_id": 85062,
  "scrape_timestamp": "2026-05-22T22:17:02Z",
  "source_html_hash": "sha256:95f4c6409f61af9126db1f0f304188fe58e084fcfa345703fca800f2a37532f0",
  "schema_version": "1.0.0"
}