<?xml version='1.0' encoding='utf-8'?>
<section article="gbr" article_name="Business Regulation" number="11-301" title_number="11" title_name="Horse Racing" subtitle_number="3" subtitle_name="Licensing and Responsibilities of Licensees">
  <text>In this subtitle, “beneficial ownership” includes:</text>
  <level label="1">
    <text>record ownership;</text>
  </level>
  <level label="2">
    <text>stock or other ownership in an entity in a chain of parent and subsidiary or affiliated entities, any 1 of which participates in the capital or profits of a licensee, regardless of the percentage of ownership involved;</text>
  </level>
  <level label="3">
    <text>an interest that entitles a person to benefits substantially equivalent to ownership by an agreement, relationship, or other arrangement even though the person is not an owner of record; and</text>
  </level>
  <level label="4">
    <text>unless there are special circumstances, ownership of a security by a relative of an individual who lives in the home of the individual.</text>
  </level>
</section>
