1468                                     LAWS OF MARYLAND                            Ch. 561

requiring certain affidavits; and relating generally

to disclosures of ownership in the stock of racing

licensees.

BY repealing [[and reenacting, with amendments,]]

Article 78B — Racing Commission

Section 13(c)

Annotated Code of Maryland

(1975 Replacement Volume and 1975 Supplement)

BY adding to

Article 78B — Racing Commission
Section 13 (c)

Annotated Code of Maryland
(1975 Replacement Volume and 1975 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That Section 13(c) of Article 78B- Racing
Commission, of the Annotated Code of Maryland (1975
Replacement Volume and 1975 Supplement) be and it is
hereby repealed [[and reenacted, with amendments, to read
as follows:]].

SECTION 2. AND BE IT FURTHER ENACTED, That new

Section 13(c) be and it is hereby added to Article 78B -

Racing Commission, of the Annotated Code of Maryland
(1975 Replacement Volume and 1975 Supplement), to read as
follows:

Article 78B — Racing Commission

13.

[[(c) In order to effectuate the financial
disclosure required by subsection (b) of this section,
(1) 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;
AND (2) EACH LICENSEE UNDER THIS ARTICLE SHALL REPORT TO
THE COMMISSION EVERY TRANSFER OF OWNERSHIP OF ANY STOCK
OF THE LICENSEE AT THE TIME THE TRANSFER IS MADE BY THE
CORPORATION. Upon the failure of any licensee to
maintain records of owners of stock OR TO REPORT
TRANSFERS OF OWNERSHIP in compliance with this
subsection, the Commission may suspend or revoke its
license for a period determined by the Commission.]]

(C) (1) THE COMMISSION SHALL REQUIRE EACH

LICENSEE UNDER THIS ARTICLE TO MAINTAIN RECORDS OF OWNERS
OF STOCK OF THE LICENSEE SO THAT THE NAMES OF ALL PERSONS
(INCLUDING CORPORATIONS, TRUSTS, ESTATES, AND