§27. Institutional investors or institutional lenders
A. An institutional investor otherwise required to be found suitable or qualified
pursuant to the provisions of this Title and the rules adopted pursuant thereto shall be
presumed suitable or qualified upon submitting documentation sufficient to establish
qualifications as an institutional investor as defined in R.S. 27:3, and upon certifying all of
the following criteria:
(1)It meets any of the following:
(a)Owns, holds, or controls publicly traded securities issued by a licensee, permittee,
or holding, intermediate or parent company of a licensee or permittee in the ordinary course
of business for investment purposes only.
(b)Is a plan or trust established and maintained by the United States government,
a state, or a political subd
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§27. Institutional investors or institutional lenders
A. An institutional investor otherwise required to be found suitable or qualified
pursuant to the provisions of this Title and the rules adopted pursuant thereto shall be
presumed suitable or qualified upon submitting documentation sufficient to establish
qualifications as an institutional investor as defined in R.S. 27:3, and upon certifying all of
the following criteria:
(1) It meets any of the following:
(a) Owns, holds, or controls publicly traded securities issued by a licensee, permittee,
or holding, intermediate or parent company of a licensee or permittee in the ordinary course
of business for investment purposes only.
(b) Is a plan or trust established and maintained by the United States government,
a state, or a political subdivision of a state that owns, holds, or controls equity in a licensee,
permittee, or holding, intermediate or parent company or a licensee or permittee in the
ordinary course of business for investment purposes only.
(c) Has been approved by the board pursuant to R.S. 27:3(13)(i) and owns, holds, or
controls equity in a licensee, permittee, or holding, intermediate or parent company or a
licensee or permittee in the ordinary course of business for investment purposes only.
(2) It does not exercise influence over the affairs of the issuer of such securities nor
over any licensed or permitted subsidiary of the issuer of such securities.
(3) It does not intend to exercise influence over the affairs of the issuer of such
securities, nor over any licensed or permitted subsidiary of the issuer of such securities, in
the future, and that it agrees to notify the board in writing within thirty days if such intent
should change.
B. The exercise of voting privileges with regard to publicly traded securities shall
not be deemed to constitute the exercise of influence over the affairs of a licensee.
C. An institutional lender otherwise required to be found suitable or qualified
pursuant to this Title and the rules adopted pursuant thereto shall be presumed suitable upon
documentation being submitted by the licensee, permittee, casino gaming operator, or the
institutional lender sufficient to establish qualifications as an institutional lender as defined
in R.S. 27:3. The board may rescind the presumption of suitability for an institutional lender
at any time if the institutional lender exercises or intends to exercise influence or control over
the affairs of the indebted licensee, permittee, or casino gaming operator or a holding,
intermediate, or parent company of the indebted licensee, permittee, or casino gaming
operator.
D. This Section shall not be construed to preclude the Louisiana Gaming Control
Board from investigating the suitability or qualifications of an institutional investor or
institutional lender should the Louisiana Gaming Control Board or division become aware
of facts or information which may result in such institutional investor or institutional lender
being found unsuitable or disqualified.