1. The purported sale, assignment, transfer, pledge, exercise of an option to purchase, or other disposition of any interest in a limited partnership which holds a state gaming license or which is a holding company or an intermediary company for an entity that holds a state gaming license is void unless approved in advance by the Commission.
2. If at any time the Commission finds that an individual owner of any such interest is unsuitable to hold that interest, the Commission shall immediately notify the limited partnership of that fact. The limited partnership shall, within 10 days after the date that it receives the notice from the Commission, return to the unsuitable owner, in cash, the amount of the unsuitable owner’s capital account as reflected on the books of the partnership.
3. Beginning on the date when the Commission serves notice of a determination of unsuitability pursuant to subsection 2 upon the limited partnership, it is unlawful for the unsuitable owner:
(a) To receive any share of the profits or interest upon any limited partnership interest;
(b) To exercise, directly or through any trustee or nominee, any voting right conferred by such interest; or
(c) To receive any remuneration in any form from the limited partnership, for services rendered or otherwise.
4. The certificate of limited partnership of any limited partnership holding a state gaming license must contain a statement of the restrictions imposed by this section.
(Added to NRS by 1979, 1521; A 1997, 3504; 2003, 20th Special Session, 13; 2007, 1115)