{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2026\/code-json\/59.1-386.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2026\/code-text\/59.1-386.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2026\/code-xml\/59.1-386.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2026\/code-html\/59.1-386.html"}],"law_id":373053,"edition_id":2,"section_id":373053,"structure_id":53090,"section_number":"59.1-386","catch_line":"Acquisition of interest in licensee","history":"1988, c. 855; 2003, c. 705.","full_text":"A\n\nThe Commission shall require any person desiring to become a partner, member or principal stockholder of any licensee to apply to the Commission for approval thereof and may demand such information of the applicant as it finds necessary. The Commission shall consider such application forthwith and shall approve or deny the application within 60 days of receipt. The Commission shall approve an application that meets the criteria set forth in this chapter. The Commission shall deny an application if in its judgment the acquisition by the applicant would be detrimental to the public interest or to the honesty, integrity, and reputation of racing. The Commission shall approve an application to acquire actual control of a licensee only if it finds that the applicant meets the criteria set forth in subsection B.\n\nB\n\nIf an applicant proposes to acquire actual control of a licensee, such person shall, pursuant to subsection A, submit to the Commission (i) its proposal for the future operation of any existing or planned racetrack, or satellite facility owned or operated by the licensee, (ii) such additional information as it desires, and (iii) such information as may be required by the Commission to assure the Commission that the licensee, under the actual control of such person, will have the experience, expertise, financial responsibility and commitment to comply with (a) the provisions of this chapter, (b) Commission regulations and orders, (c) the requirements for the continued operation of the licensee pursuant to the terms and conditions in effect on the date of the application of all licenses held by the licensee, (d) any existing contract with a recognized majority horseman’s group, and (e) any proposal submitted to the Commission by such person. The provisions of this subsection shall apply regardless of whether the control acquired is direct or indirect or whether its acquisition is accomplished individually or in concert with others.\n\nC\n\nAny such acquisition of control without prior approval of the Commission shall be voidable by the Commission and, in such instance, the Commission may revoke any license it has issued to such licensee, order compliance with this section, or take such other action as may be appropriate within the authority of the Commission.\n\n","order_by":null,"text":{"0":{"id":1391582,"text":"The Commission shall require any person desiring to become a partner, member or principal stockholder of any licensee to apply to the Commission for approval thereof and may demand such information of the applicant as it finds necessary. The Commission shall consider such application forthwith and shall approve or deny the application within 60 days of receipt. The Commission shall approve an application that meets the criteria set forth in this chapter. The Commission shall deny an application if in its judgment the acquisition by the applicant would be detrimental to the public interest or to the honesty, integrity, and reputation of racing. The Commission shall approve an application to acquire actual control of a licensee only if it finds that the applicant meets the criteria set forth in subsection B.","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"B"},"1":{"id":1391583,"text":"If an applicant proposes to acquire actual control of a licensee, such person shall, pursuant to subsection A, submit to the Commission (i) its proposal for the future operation of any existing or planned racetrack, or satellite facility owned or operated by the licensee, (ii) such additional information as it desires, and (iii) such information as may be required by the Commission to assure the Commission that the licensee, under the actual control of such person, will have the experience, expertise, financial responsibility and commitment to comply with (a) the provisions of this chapter, (b) Commission regulations and orders, (c) the requirements for the continued operation of the licensee pursuant to the terms and conditions in effect on the date of the application of all licenses held by the licensee, (d) any existing contract with a recognized majority horseman’s group, and (e) any proposal submitted to the Commission by such person. The provisions of this subsection shall apply regardless of whether the control acquired is direct or indirect or whether its acquisition is accomplished individually or in concert with others.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A","next_prefix":"C"},"2":{"id":1391584,"text":"Any such acquisition of control without prior approval of the Commission shall be voidable by the Commission and, in such instance, the Commission may revoke any license it has issued to such licensee, order compliance with this section, or take such other action as may be appropriate within the authority of the Commission.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B"}},"ancestry":[{"id":53090,"edition_id":2,"name":"Licenses","identifier":"2","label":"article","depth":3,"order_by":2,"parent_id":53088,"metadata":{"child_laws":14,"child_structures":0},"date_created":"2026-08-02 03:10:44","date_modified":"2026-08-02 12:36:26","permalink":{"id":1488101,"object_type":"structure","relational_id":53090,"identifier":"2","token":"59.1\/29\/2","url":"\/59.1\/29\/2\/","edition_id":2,"permalink":0,"preferred":1}},{"id":53088,"edition_id":2,"name":"Horse Racing and Pari-Mutuel Wagering","identifier":"29","label":"chapter","depth":2,"order_by":35,"parent_id":53010,"metadata":{"child_laws":50,"child_structures":7},"date_created":"2026-08-02 03:10:43","date_modified":"2026-08-02 12:36:26","permalink":{"id":1488049,"object_type":"structure","relational_id":53088,"identifier":"29","token":"59.1\/29","url":"\/59.1\/29\/","edition_id":2,"permalink":0,"preferred":1}},{"id":53010,"edition_id":2,"name":"Trade and Commerce","identifier":"59.1","label":"title","depth":1,"order_by":127,"parent_id":null,"metadata":{"child_laws":861,"child_structures":141},"date_created":"2026-08-02 03:09:52","date_modified":"2026-08-02 12:36:19","permalink":{"id":1486523,"object_type":"structure","relational_id":53010,"identifier":"59.1","token":"59.1","url":"\/59.1\/","edition_id":2,"permalink":0,"preferred":1}}],"structure_contents":[{"id":373040,"structure_id":53090,"section_number":"59.1-375","catch_line":"Owner's and operator's license required","url":"\/59.1-375\/","token":"59.1\/29\/2\/59.1-375","metadata":false},{"id":373042,"structure_id":53090,"section_number":"59.1-376","catch_line":"Limited licenses; transfer of meet; taxation; authority to issue; limitations","url":"\/59.1-376\/","token":"59.1\/29\/2\/59.1-376","metadata":false},{"id":373041,"structure_id":53090,"section_number":"59.1-376.1","catch_line":"Repealed","url":"\/59.1-376.1\/","token":"59.1\/29\/2\/59.1-376.1","metadata":false},{"id":373043,"structure_id":53090,"section_number":"59.1-377","catch_line":"Application for owner's license","url":"\/59.1-377\/","token":"59.1\/29\/2\/59.1-377","metadata":false},{"id":373045,"structure_id":53090,"section_number":"59.1-378","catch_line":"Issuance of owner's license","url":"\/59.1-378\/","token":"59.1\/29\/2\/59.1-378","metadata":false},{"id":373044,"structure_id":53090,"section_number":"59.1-378.1","catch_line":"Licensing of owners or operators of certain pari-mutuel facilities","url":"\/59.1-378.1\/","token":"59.1\/29\/2\/59.1-378.1","metadata":false},{"id":373046,"structure_id":53090,"section_number":"59.1-379","catch_line":"Refusal of owner's license","url":"\/59.1-379\/","token":"59.1\/29\/2\/59.1-379","metadata":false},{"id":373047,"structure_id":53090,"section_number":"59.1-380","catch_line":"Duration, form of owner's license; bond","url":"\/59.1-380\/","token":"59.1\/29\/2\/59.1-380","metadata":false},{"id":373048,"structure_id":53090,"section_number":"59.1-381","catch_line":"Application for operator's license","url":"\/59.1-381\/","token":"59.1\/29\/2\/59.1-381","metadata":false},{"id":373049,"structure_id":53090,"section_number":"59.1-382","catch_line":"Issuance of operator's license","url":"\/59.1-382\/","token":"59.1\/29\/2\/59.1-382","metadata":false},{"id":373050,"structure_id":53090,"section_number":"59.1-383","catch_line":"Duration, form of operator's license; bond","url":"\/59.1-383\/","token":"59.1\/29\/2\/59.1-383","metadata":false},{"id":373051,"structure_id":53090,"section_number":"59.1-384","catch_line":"Denial of license final","url":"\/59.1-384\/","token":"59.1\/29\/2\/59.1-384","metadata":false},{"id":373052,"structure_id":53090,"section_number":"59.1-385","catch_line":"Suspension or revocation of license","url":"\/59.1-385\/","token":"59.1\/29\/2\/59.1-385","metadata":false},{"id":373053,"structure_id":53090,"section_number":"59.1-386","catch_line":"Acquisition of interest in licensee","url":"\/59.1-386\/","token":"59.1\/29\/2\/59.1-386","metadata":false}],"previous_section":{"id":373052,"structure_id":53090,"section_number":"59.1-385","catch_line":"Suspension or revocation of license","url":"\/59.1-385\/","token":"59.1\/29\/2\/59.1-385","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/59.1-386\/","history_text":"

This law was first created in 1988. The record of its establishment is cataloged in chapter 855 of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1988 \u201cActs\u201d aren\u2019t available online. It has been modified 1 time. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. That modification is as follows: in 2003, chapter 705<\/a>.<\/p>","references":false,"refers_to":false,"permalink":{"id":1488155,"object_type":"law","relational_id":373053,"identifier":"59.1-386","token":"59.1\/29\/2\/59.1-386","url":"\/59.1-386\/","edition_id":2,"permalink":0,"preferred":1},"url":"\/59.1-386\/","token":"59.1\/29\/2\/59.1-386","dublin_core":{"Title":"Acquisition of interest in licensee","Type":"Text","Format":"text\/html","Identifier":"\u00a7 59.1-386","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> The Commission<\/span> shall require any person<\/span> desiring to become a partner, member<\/span> or principal stockholder<\/span> of any licensee<\/span> to apply to the Commission<\/span> for approval thereof and may demand such information of the applicant as it finds necessary. The Commission<\/span> shall consider such application forthwith and shall approve or deny the application within 60 days of receipt. The Commission<\/span> shall approve an application that meets the criteria set forth in this chapter. The Commission<\/span> shall deny an application if in its judgment<\/span> the acquisition by the applicant would be detrimental to the public interest or to the honesty, integrity, and reputation of racing. The Commission<\/span> shall approve an application to acquire actual control of a licensee<\/span> only if it finds that the applicant meets the criteria set forth in subsection B. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> If an applicant proposes to acquire actual control of a licensee<\/span>, such person<\/span> shall, pursuant to subsection A, submit to the Commission<\/span> (i) its proposal for the future operation of any existing or planned racetrack<\/span>, or satellite facility<\/span> owned or operated by the licensee<\/span>, (ii) such additional information as it desires, and (iii) such information as may be required by the Commission<\/span> to assure the Commission<\/span> that the licensee<\/span>, under the actual control of such person<\/span>, will have the experience, expertise, financial responsibility and commitment to comply with (a) the provisions of this chapter, (b) Commission<\/span> regulations and orders<\/span>, (c) the requirements for the continued operation of the licensee<\/span> pursuant to the terms and conditions in effect on the date of the application of all licenses held by the licensee<\/span>, (d) any existing contract<\/span> with a recognized majority horseman’s group, and (e) any proposal submitted to the Commission<\/span> by such person<\/span>. The provisions of this subsection shall apply regardless of whether the control acquired is direct or indirect or whether its acquisition is accomplished individually or in concert with others. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> Any such acquisition of control without prior approval of the Commission<\/span> shall be voidable by the Commission<\/span> and, in such instance, the Commission<\/span> may revoke any license it has issued to such licensee<\/span>, order<\/span> compliance with this section, or take such other action as may be appropriate within the authority of the Commission<\/span>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nACQUISITION OF INTEREST IN LICENSEE (\u00a7 59.1-386)\n\nA. The Commission shall require any person desiring to become a partner, member\nor principal stockholder of any licensee to apply to the Commission for approval\nthereof and may demand such information of the applicant as it finds necessary.\nThe Commission shall consider such application forthwith and shall approve or\ndeny the application within 60 days of receipt. The Commission shall approve an\napplication that meets the criteria set forth in this chapter. The Commission\nshall deny an application if in its judgment the acquisition by the applicant\nwould be detrimental to the public interest or to the honesty, integrity, and\nreputation of racing. The Commission shall approve an application to acquire\nactual control of a licensee only if it finds that the applicant meets the\ncriteria set forth in subsection B.\n\nB. If an applicant proposes to acquire actual control of a licensee, such person\nshall, pursuant to subsection A, submit to the Commission (i) its proposal for\nthe future operation of any existing or planned racetrack, or satellite facility\nowned or operated by the licensee, (ii) such additional information as it\ndesires, and (iii) such information as may be required by the Commission to\nassure the Commission that the licensee, under the actual control of such\nperson, will have the experience, expertise, financial responsibility and\ncommitment to comply with (a) the provisions of this chapter, (b) Commission\nregulations and orders, (c) the requirements for the continued operation of the\nlicensee pursuant to the terms and conditions in effect on the date of the\napplication of all licenses held by the licensee, (d) any existing contract with\na recognized majority horseman’s group, and (e) any proposal submitted to\nthe Commission by such person. The provisions of this subsection shall apply\nregardless of whether the control acquired is direct or indirect or whether its\nacquisition is accomplished individually or in concert with others.\n\nC. Any such acquisition of control without prior approval of the Commission\nshall be voidable by the Commission and, in such instance, the Commission may\nrevoke any license it has issued to such licensee, order compliance with this\nsection, or take such other action as may be appropriate within the authority of\nthe Commission.\n\nHISTORY: 1988, c. 855; 2003, c. 705.","edition":{"id":2,"name":"2026","slug":"2026","date_created":"2026-07-16 18:40:23","date_modified":"2026-08-02 15:14:36","current":1,"order_by":2,"last_import":"2026-08-02 12:37:30"}}