85-2415. Recurrent authorization to operate or authorization to operate on a continuing basis; nontransferable; change in ownership; application for new recurrent authorization; failure to apply; effect.
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/ne/chapter-85/85-2415A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The recurrent authorization to operate or authorization to operate on a continuing basis shall be issued to the owner or governing body of the postsecondary institution and shall be nontransferable. If there is a change in ownership, as defined by the commission in rules and regulations, the new owner or governing body shall, within thirty days after the change of ownership, apply for a new recurrent authorization to operate under the Postsecondary Institution Act, and if the institution fails to apply within such time period, the original authorization to operate shall terminate.
An application for a new recurrent authorization to operate may be deemed an application for renewal of the institution's original authorization, except that such renewal shall be given in the form of a recurrent authorization to operate even if the original authorization was an authorization to operate on a continuing basis. Verification that all student records are transferred intact and in good condition to the new owner shall accompany the application.