1. The purported granting of an option to purchase any security issued by a corporation, other than a publicly traded corporation, which holds a state gaming license or which is a holding company or an intermediary company for an entity that holds a state gaming license or the purported sale, assignment, transfer, pledge or other disposition of an existing option to acquire such a security is void unless administratively approved in advance by the Chair of the Board. 2. A request for administrative approval pursuant to subsection 1 must: (a) Be made on forms approved by the Chair of the Board; and (b) To the extent consistent with this section, be considered in all respects as an application. 3. The Chair of the Board may refer a request for administrative approval to the Board and Commission for consideration or deny the request for administrative approval for any reasonable cause. A denial may be submitted for review by the Board and Commission in the manner set forth by the regulations of the Commission pertaining to the review of administrative approval decisions. 4. The Commission, upon recommendation by the Board, may require a person to apply for a finding of suitability to hold an option to purchase such a security.
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