(a) All individuals, entities, associations, partnerships, and corporations who own five percent or more of the equity of the racetrack operator applicant shall disclose such ownership interest in writing to the Virgin Islands Horse Racing Commission.
(b) The racetrack operator shall identify all persons, entities, financial institutions, real estate investment trusts, corporations or partnerships extending credit to the racetrack operator in excess of $10,000 for less than one year, but more than 30 days; but a horseman to whom money is owed as reflected in accounts maintained by the horsemen’s bookkeeper is not considered a creditor.
(c) The Virgin Islands Horse Racing Commission must be notified of the identity of each new officer, director, substantial owner, or creditor of a racetrack operator. Each new officer, director, substantial owner, or creditor shall make a written disclosure to the Commission on forms prescribed by the Commission for approval of such person’s participation in racing in the Virgin Islands.