§ 9-1A-19
150 words·~1 min read·
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§9–1A–19.
(a)Except as provided in subsection
(b)of this section, a license issued under this subtitle may not be:
(1)transferred or assigned to another person; or
(2)pledged as collateral.
(1)A licensee may not sell or otherwise transfer more than 5% of the legal or beneficial interests of the licensee unless:
(i)the licensee notifies the Commission of the proposed sale or transfer;
(ii)the Commission determines that the proposed buyer or transferee meets the requirements of this subtitle; and
(iii)the transfer is consistent with the policies and intent of § 9–1A–18 of this subtitle.
(2)Unless the Commission needs a longer time to determine whether the proposed buyer or transferee meets the requirements of this subtitle, if the requirements of paragraph
(1)of this subsection are not satisfied, a license issued under this subtitle is automatically revoked 90 days after the sale or transfer.