(a) Unless the holder of a franchise agreement is the holder of a casino license, the holder must comply with the following disclosures and notices:(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 St. Croix Horse Racing Commission or the St. Thomas-St. John Horse Racing Commission, as appropriate.(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 St. Croix Horse Racing Commission or the St. Thomas-St. John Horse Racing Commission, as appropriate 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 respective Commission on forms prescribed by the respective Commission for approval of such person’s participation in racing in the Virgin Islands.
(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 St. Croix Horse Racing Commission or the St. Thomas-St. John Horse Racing Commission, as appropriate.
(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 St. Croix Horse Racing Commission or the St. Thomas-St. John Horse Racing Commission, as appropriate 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 respective Commission on forms prescribed by the respective Commission for approval of such person’s participation in racing in the Virgin Islands.