1372                                        LAWS OF MARYLAND                       [Ch. 311

CHAPTER 311
(Senate Bill 223)
AN ACT concerning

Ownership of Stock of Race Tracks

FOR the purpose of directing the Maryland Racing
Commission to require the records of ownership of
stock of [[corporation]] corporations licensed by
the State for the conduct of horse racing to be
maintained in a manner to reveal the beneficial
owners of the stock for certain purposes, and of
providing for violations of this Act.

BY adding to

Article 78B — Racing Commission
Section 13(c)

Annotated Code of Maryland
(1969 Replacement Volume)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That new Section 13(c) be and it is hereby
added to Article 78B — Racing Commission, of the
Annotated Code of Maryland (1969 Replacement Volume) to
read as follows:

Article 78B — Racing Commission
13.

(C) IN ORDER TO EFFECTUATE THE FINANCIAL
DISCLOSURE REQUIRED BY SUBSECTION (B) OF THIS SECTION,
THE COMMISSION SHALL REQUIRE EACH LICENSEE UNDER THIS
ARTICLE TO MAINTAIN RECORDS OF OWNERS OF THE STOCK OF THE
LICENSEES SO THAT THE NAMES OF THOSE PERSONS OTHER THAN
CORPORATIONS WHO ARE THE BENEFICIAL OWNERS OF ALL OF THE
SHARES OF STOCK OF THE LICENSEE ARE DISCLOSED, REGARDLESS
OF THE MANNER IN WHICH THE NAMES OF OWNERS ARE STATED OR
REGISTERED ON THE CERTIFICATES OF STOCK OF THE LICENSEES.
UPON THE FAILURE OF ANY LICENSEE TO MAINTAIN RECORDS OF
OWNERS OF STOCK IN COMPLIANCE WITH THIS SUBSECTION, THE
COMMISSION MAY SUSPEND OR REVOKE ITS LICENSE FOR A PERIOD
DETERMINED BY THE COMMISSION.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1974.