4-35-12-1. Application of Chapter
Sec. 1. This chapter applies only to a trustee acting under the authority of: (1) a resolution adopted by the commission authorizing the trustee to conduct gambling games under this chapter; and (2) either of the following: (A) A written power of attorney approved by the commission under IC 4-35-5-9. (B) An appointment by the […]
4-35-12-2. Exercise of Power Delegated by Power of Attorney Prohibited Unless Authorized by the Commission
Sec. 2. A person may not exercise any powers delegated under a power of attorney submitted under IC 4-35-5-9 unless the commission adopts a resolution under section 3 of this chapter. As added by P.L.142-2009, SEC.28.
4-35-12-3. Resolution Authorizing a Trustee to Conduct Gambling Games at a Racetrack
Sec. 3. The commission may adopt a resolution authorizing a trustee to temporarily conduct gambling games at a racetrack if any of the following occur with respect to that particular racetrack: (1) The commission revokes the owner’s permit or gambling game license. (2) The commission declines to renew the owner’s permit or gambling game license. […]
4-35-12-4. Effective Date of Power of Attorney
Sec. 4. A power of attorney designating a trustee to conduct gambling games at a racetrack is effective on the date designated by the commission in a resolution authorizing the trustee to conduct gambling games under this chapter. The power of attorney remains in effect until the date the trusteeship established by the operation of […]
4-35-12-5. General Power of Attorney Law Applies
Sec. 5. (a) IC 30-5 applies to a trustee exercising powers under this chapter. (b) For purposes of IC 30-5, a trustee is an attorney in fact. As added by P.L.142-2009, SEC.28.
4-35-12-6. Trustee Requirements
Sec. 6. A trustee who conducts gambling games at a racetrack: (1) must: (A) be eligible to receive an occupational license under IC 4-35-6.5; and (B) satisfy the requirements of any rule adopted by the commission under IC 4-35-6.5-4; (2) must conduct the gambling games within the same standards for character, reputation, and financial integrity […]
4-35-12-7. Trustee’s Duties
Sec. 7. (a) A trustee acting under the authority of this chapter must fulfill the trustee’s duties as a fiduciary for the owner of the racetrack. In addition, the trustee shall consider the effect of the trustee’s actions upon: (1) the amount of taxes and fees remitted by the trustee under this article; (2) the […]
4-35-12-8. Duty of Racetrack Owner to Sell a Racetrack at Which a Trustee Conducts Gambling Games
Sec. 8. (a) A person who directly or indirectly owns a racetrack that is the subject of a resolution described in section 3 of this chapter has one hundred eighty (180) days after the date on which the commission adopts the resolution to sell the racetrack (and its related properties described in section 9 of […]
4-35-12-9. Operation of Related Properties
Sec. 9. A trustee acting under the authority of this chapter may conduct the operations of any hotel, restaurant, golf course, or other amenity related to the racetrack’s gambling game facility. As added by P.L.142-2009, SEC.28. Amended by P.L.255-2015, SEC.57.
4-35-12-10. Trustee Compensation
Sec. 10. A trustee is entitled to reasonable compensation for carrying out the duties imposed upon the trustee under this chapter. The trustee’s compensation must be: (1) approved by the commission; and (2) paid by the owner of the racetrack that is the subject of a resolution described in section 3 of this chapter. As […]