Divestiture of disqualifying applicant - 4 Pa. Cons. Stat. § 1312

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     § 1312.  Divestiture of disqualifying applicant.
        In the event that any slot machine license application is not
     approved by the board based on a finding that an individual who
     is a principal or has an interest in the person applying for the
     license does not meet the character requirements of section 1310
     (relating to slot machine license application character
     requirements) or any of the eligibility requirements under this
     part, or a person who purchases a controlling interest in a
     licensed gaming entity in violation of section 1328 (relating to
     change in ownership or control of slot machine licensee), the
     board may afford the individual the opportunity to completely
     divest his interest in the person, its affiliate, intermediary,
     subsidiary or holding company seeking the license and, after
     such divestiture, reconsider the person's or applicant's
     suitability for licensure in an expedited proceeding and may,
     after such proceeding, issue the person or applicant a slot
     machine license. The board shall approve the terms and
     conditions of any divestiture under this section. Under no
     circumstances shall any divestiture be approved by the board if
     the compensation for the divested interest exceeds the cost of
     the interest.

Last modified: November 27, 2007