Sec. 170.7. Multiple licenses

A licensed watch, guard or patrol agency or private investigator or bail enforcement agent may not hold an employment agency license or have a financial interest in or participate in the control and management of any employment agency or any other entity engaged in the business of private investigator, except that such prohibition shall not apply in the following situations:

(a) the licensee owns stock in a corporation whose only business is to undertake for hire the preparation of payrolls and the transportation of payrolls, moneys, securities and other valuables; or

(b) the licensee owns stock in a corporation whose only business is to provide or furnish protective, guard or private investigator services to the Federal or New York State government or any subdivision, department, commission or agency thereof; or

(c) the corporation was created or subject to the provisions of chapter 440 of the Laws of 1926 (with respect to raising and breeding of horses) or chapter 254 of the Laws of 1940 (with respect to the pari-mutuel method of betting); or

(d) the licensee is a proprietary security guard company.