251.500 Changes that make license issued under this chapter invalid -- Duties of

178 words·~1 min read·/ky/251-500

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

licensee when change occurs -- Audit and examination authorized -- Changes

that invalidate licenses issued under this chapter.

(1)A license issued under the authority of this chapter shall become invalid upon:

(a)The change of management;

(b)Cessation of operations;

(c)Change of partners in a partnership;

(d)Change of corporate structure of a corporation;

(e)Failure to remit license fees or fines; or

(f)A sale.

(2)A licensee shall immediately notify the department as to any change and shall

deliver his license to the department together with a notarized statement setting

forth the arrangements made with depositors for final disposition of grain in storage

and for fulfilling any current obligations.

(3)If there is to be a successor, the successor shall apply for a new license.

(4)If there is a change of management or cessation of operations, the department may

cause an audit and examination to be made. In these cases, all records required in

this chapter shall be available to the department until the department is satisfied that

all obligations have been met.