(a) If the Commission is satisfied that all the provisions of this chapter and the rules prescribed have been and will be complied with by the applicant, it may issue a license that shall expire on December 31. The license shall set forth the name of the licensee, the place where the races or race meets are to be held, and the time and number of days during which racing may be conducted by the licensee. It shall not be transferable or assignable.

(b) The Commission may revoke any license for good cause after reasonable notice and hearing. The license of any corporation shall automatically cease upon the change in ownership, legal or equitable, of 50 percent or more of the voting stock of the corporation, and the corporation shall not hold a running or harness horse race or meet for a public exhibition without a new license.

(c) The Commission may at any time for cause require the removal of any employee or official employed by a licensee. Failure to remove an employee or official when so required shall constitute cause for revoking the license of the employer. (Added 1961, No. 246, § 4, eff. July 26, 1961; amended 1973, No. 233 (Adj. Sess.), § 5, eff. April 3, 1974; 1995, No. 12, § 6, eff. April 5, 1995; 2017, No. 113 (Adj. Sess.), § 178.)