WILLIAM DONALD SCHAEFER, Governor Ch. 773

who holds any official relation to any association or corporation
conducting racing within the State of Maryland, or who holds
stock or bonds therein, or who has any pecuniary interest
therein. NO COMMISSIONER APPOINTED AFTER JULY 1, 1989 MAY HAVE
NO MORE THAN 4 COMMISSIONERS APPOINTED AFTER JULY 1, 1989 SHALL
HAVE ANY MONETARY OR PECUNIARY INTEREST IN HORSE RACING IN THE
STATE OF MARYLAND.

13.

(E) (1) THE MARYLAND RACING COMMISSION SHALL ADOPT
REGULATIONS ON OR BEFORE JANUARY 1, 1990, ESTABLISHING UNIFORM
PROCEDURES FOR REVIEWING PERSONAL AND FINANCIAL BACKGROUND
INFORMATION OF ANY INTERESTED PURCHASER OF A RACETRACK, OR
MAJORITY STOCK OF A CORPORATION, LICENSED TO CONDUCT RACING IN
MARYLAND PARTY NEGOTIATING FOR THE PURCHASE OF AN ENTITY LICENSED
TO CONDUCT RACING IN MARYLAND OR MAJORITY CONTROLLING INTERESTS
THE ENTITY PRIOR TO THE ACTUAL PURCHASE OF THE SAID RACETRACK OR

CORPORATION INTEREST OR ENTITY OR A TRANSFER OF RACING DATES AS A

RESULT THEREOF. THE REGULATIONS SHALL INCLUDE:

(I) AN APPROPRIATE AMOUNT OF TIME THAT THE
BACKGROUND CHECKS UNDER THIS SECTION SHALL BE COMPLETED PRIOR TO
A PURCHASE OR TRANSFER UNDER THIS SUBSECTION AND SHALL ALLOW TIME
FOR A REVIEW BY THE LEGISLATIVE POLICY COMMITTEE PRIOR TO THE

PURCHASE. TO NOTIFY THE LEGISLATIVE POLICY COMMITTEE AT LEAST 15
DAYS PRIOR TO FINAL APPROVAL OF THE PURCHASE OR TRANSFER. THE
LEGISLATIVE POLICY COMMITTEE MAY COMMENT TO THE MARYLAND RACING
COMMISSION WITHIN SUCH TIME.

(II)  A PERSONAL AND FINANCIAL BACKGROUND CHECK
INCLUDING:

1. A UNIFORM CERTIFIED AUDIT BY A

CERTIFIED PUBLIC ACCOUNTANT OF ALL PAPERS, BOOKS, AND RECORDS OF
EVERY PERSON, FIRM, ASSOCIATION, OR CORPORATION UNDER THIS
SUBSECTION;

2. THE DISCLOSURE OF ALL FINANCIAL

INTERESTS OF THE INTERESTED PURCHASER INCLUDING FINANCIAL

INTERESTS IN HORSE RACING;

1. A REVIEW, BY A CERTIFIED PUBLIC
ACCOUNTANT, OF THE CERTIFIED FINANCIAL STATEMENTS OF THE
NEGOTIATING PARTY, INCLUDING A REVIEW OF ANY CONTINGENT OR
PLEDGED LIABILITIES, SUFFICIENT TO DETERMINE THE FINANCIAL
ABILITY OF THE NEGOTIATING PARTY TO PURCHASE AND MAINTAIN THE
RACETRACK BEING NEGOTIATE;---------------------------------------

2. AN INCOME STATEMENT OF THE INTERESTED
PARTY NEGOTIATING FOR THE PURCHASE FOR THE MOST RECENT YEAR;-----

- 4221 -