California Codes, Business and Professions Code - BPC, Division 8 — Special Business Regulations, Chapter 5 — The Gambling Control Act, Article 7 — Restrictions on Certain Transactions, Section 19904
The purported sale, assignment, transfer, pledge, or other disposition of any security issued by a corporation, membership interest of a limited liability company, or ownership interest of a partnership or sole proprietor that holds a gambling license, or the grant of an option to purchase that interest or security, is void unless approved in advance by the commission.
Notes
Requires advance commission approval before any sale, assignment, transfer, pledge, or other disposition of a security or ownership interest in a corporation, limited liability company, partnership, or sole proprietor holding a gambling license, or before granting an option to purchase that security or interest. Without advance approval, the purported transaction or option is void.
Use as reference
Lexinter.net | California Code, Business and Professions Code - BPC § 19904 | https://laws.lexinter.net/codes/california/business-and-professions-code/division-8/chapter-5/article-7/section-19904