5.48.260 - Application of provisions to continuing pointholders.

(a)

Any person having any interest whatsoever or at all in the ownership of a card club, whether legal or equitable, or as a trustor or trustee, or of whatsoever kind or character, who has not previously submitted to the procedure required under Section 5.48.230, shall file within one hundred eighty days after June 1, 2014, as a prerequisite to the continued holding of an ownership interest, the application as provided in Section 5.48.230 for persons applying for new ownership interest. The requirement in the second paragraph of subsection (b)(9) of Section 5.48.230, that the applicant provide a copy of the application filed with the state gambling control commission along with the application filed with the city manager, shall not apply to an application required by this section. If the council denies any application, within six months after the receipt of a notice of such denial, the interest owner shall divest himself or herself of such ownership interest.

(b)

If the council denies the application and requires, pursuant to Section 5.48.260(a), that the interest owner divest himself or herself of their ownership interest in the card club, the council may extend the six-month time limit required by subsection (a) for such divestiture for a reasonable period of time to allow such person to sell or divest himself or herself of their ownership interest. The applicant shall nevertheless not be entitled to realize or receive any profits, distributions, or payments that might directly or indirectly be due to such person or which arise out of, are attributable to, or are derived from their ownership interest in the subject card club, after the six month time period provided for in Section 5.48.260(a) has expired.

(Ord. No. 804, § 2, 12-13-2022)