SECTION 309.162. Management, Totalisator Companies, and Concessionaires Contracts

(a) An association's contract for management, concession, or totalisator services must be approved by the Commission. A contract that requires approval under this section must be in writing.

(b) To receive approval by the Commission for the proposed contract, an association shall submit the person's name, address, telephone number, and any proposed contract to the Commission for its approval. For each person submitted under this subsection, the executive secretary shall designate the individuals who must provide complete background information pursuant to the Act, §6.031.

(c) Except as otherwise provided by this subsection, an association may not solicit or accept a loan of anything of value from a person who is providing management, concession, or totalisator services at a racetrack for which the association is licensed. This subsection does not apply to a loan from a person who owns an interest in the association of 5.0% or more. On request by the executive secretary, the association shall provide a copy of documentation regarding a loan.

(d) A person who provides general management, totalisator, or concession services at a racetrack shall maintain records of its operations, including all accounting records required under generally accepted accounting principles, and shall make the records available for inspection by a representative of the Commission on request by the executive secretary. Not later than June 15 of each year, the person shall submit financial statements for the preceding year to the Commission on a form prescribed by the executive secretary.

Source Note: The provisions of this §309.162 adopted to be effective October 21, 1999, 24 TexReg 8968