§ 165.20. Stock certificates.
(a) Each certificate of stock issued by any corporation which holds any license from the Commission, or of any firm, association, or corporation which owns or leases to any licensed association, or corporation a race track at which pari-mutuel thoroughbred racing is conducted, or of any firm, association, or corporation which participates in the management of any corporation which holds any license from the Commission, shall have plainly and prominently imprinted upon its face the following language:
The person whose name is indicated as the owner of the shares of stock represented by this certificate is the sole and absolute owner thereof, and such owner is not holding the shares of stock or any portion of the shares of stock represented by said certificate in trust for any person, partnership, firm or corporation whatsoever, who or which is prohibited from owning such shares of stock by the Pennsylvania Thoroughbred Horse Racing Law. This certificate of stock is transferable only subject to the provisions of the Pennsylvania Thoroughbred Horse Racing Law and the Rules and Regulations promulgated thereunder by the Commission.
(b) If any of the shares of stock represented by a certificate of stock are held subject to the terms of either an inter vivos or testamentary trust for the benefit of any person who could lawfully own such stock in his own name, such fact shall be so noted on the face of the certificate and a copy of the instrument which created the trust shall be attached thereto. A duplicate copy of the instrument which created the trust shall be filed by the licensee with the Commission.
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