|Rule No.||Rule Title|
|1508||Statements of Partnerships.|
|Rule Text||(a) All statements of partnerships and the relative proportion of ownership interest, the terms of sales with contingencies, arrangements, or leases, shall be filed with the paymaster of purses of the association and with the Board, and shall declare:
(1) to whom winnings are payable,
(2) in whose names the horse is run if more than three persons comprise the partnership, and
(3) with whom rests the power of entry.
(b) The part owner of any horse may not assign his share or any part of it without the written consent of the other partners. The consent shall be filed with the paymaster of purses.
(c) No part owner or lessee of a racehorse is qualified for a license as horse owner until he has complied with this rule.
NOTE: Authority cited: Sections 19420 and 19440, Business and Professions Code. Reference: Sections 19420, 19440, 19460 and 19461, Business and Professions Code.
1. Amendment filed 12-6-99; effective 12-6-99.