§ 443a.6. Powers and duties of trustees.
(a) The Board’s order appointing a trustee will set forth the powers, duties and responsibilities of the trustee. The trustee shall exercise only those powers and perform those duties expressly conferred on the trustee by the Board or this chapter.
(b) A trustee shall have the duty to conserve and preserve the assets of the slot machine licensee.
(c) Subject to the direct supervision of the Board, the written order of the Board described in subsection (a) may vest a trustee with the following powers:
(1) Maintaining and operating the licensed facility in a manner that complies with the act, this part, the slot machine licensee’s statement of conditions and the Board’s order appointing the trustee.
(2) Maintaining and operating the licensed facility consistent with the measures generally taken in the ordinary course of business including:
(i) Entering into contracts.
(ii) Borrowing money.
(iii) Pledging, mortgaging or otherwise encumbering the slot machine licensee’s property; provided that power shall be subject to any provisions and restrictions in any existing credit documents.
(iv) Hiring, firing and disciplining employees.
(v) Settling or compromising with any debtor or creditor of the former or suspended licensee, including any taxing authority.
(3) Exercising the rights and obligations of the former or suspended licensee.
(4) Taking possession of all of the property of the former or suspended licensee, including its books, records and papers.
(5) Establishing accounts with financial institutions, which are not affiliated, owned or otherwise influenced by the former or suspended licensee, to carry out the business of the former or suspended licensee.
(6) Meeting with the former or suspended licensee.
(7) Meeting with principals and key employees at the licensed facility.
(8) Meeting with the independent audit committee, if there is one.
(9) Meeting with the Board’s Executive Director and keeping the Board’s Executive Director apprised of actions taken and the trustee’s plans and goals for the future.
(10) Hiring legal counsel, accountants or other consultants or assistants, with approval of the Board, as necessary to carry out the trustee’s duties and responsibilities.
(11) Reviewing outstanding agreements to which the former or suspended licensee is a party and advising the Board as to which, if any, of the agreements should be the subject of scrutiny, examination or investigation by the Board.
(12) Obtaining Board approval prior to any sale, change of ownership, change of control, financial status, restructuring, transfer of assets, execution of a contract or any other action taken outside of the ordinary course of business.
(13) Obtaining Board approval for any payments outside of those in the ordinary course of business.
Cross References This section cited in 58 Pa. Code § 443a.2 (relating to appointment of trustees); and 58 Pa. Code § 443a.7 (relating to compensation of trustees and payment of costs associated with the trusteeship).
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