A. The Commission shall consider all applications for an owner’s license and may grant a valid owner’s license to applicants who meet the criteria set forth in this chapter and established by the Commission. The Commission shall deny a license to any applicant unless it finds that the applicant’s facilities are or will be appropriate for the finest quality of racing.
B. The Commission shall deny a license to an applicant if it finds that for any reason the issuance of a license to the applicant would not be in the interest of the people of the Commonwealth or the horse racing industry in the Commonwealth, or would reflect adversely on the honesty and integrity of the horse racing industry in the Commonwealth, or that the applicant, or any officer, partner, principal stockholder, or director of the applicant:
1. Has knowingly made a false statement of material fact or has deliberately failed to disclose any information requested;
2. Is or has been found guilty of any illegal, corrupt, or fraudulent act, practice, or conduct in connection with any horse racing in this or any other state, or has been convicted of a felony;
3. Has at any time knowingly failed to comply with the provisions of this chapter or of any regulations of the Commission;
4. Has had a license or permit to hold or conduct a horse race meeting denied for just cause, suspended, or revoked in any other state or country;
5. Has legally defaulted in the payment of any obligation or debt due to the Commonwealth;
6. Has constructed or caused to be constructed a racetrack or satellite facility for which a license was required under § 59.1-377 hereof without obtaining such license, or has deviated substantially, without the permission of the Commission, from the plans and specifications submitted to the Commission; or
7. Is not qualified to do business in Virginia or is not subject to the jurisdiction of the courts of this Commonwealth.
C. The Commission shall deny a license to any applicant unless it finds:
1. That, if the corporation is a stock corporation, that such stock is fully paid and nonassessable, has been subscribed and paid for only in cash or property to the exclusion of past services, and, if the corporation is a nonstock corporation, that there are at least twenty members;
2. That all principal stockholders or members have submitted to the jurisdiction of the Virginia courts, and all nonresident principal stockholders or members have designated the Executive Secretary of the Commission as their agent for receipt of process;
3. That the applicant’s articles of incorporation provide that the corporation may, on vote of a majority of the stockholders or members, purchase at fair market value the entire membership interest of any stockholder or require the resignation of any member who is or becomes unqualified for such position under § 59.1-379; and
4. That the applicant meets the criteria established by the Commission for the granting of an owner’s license.