§ 51.91. What information may the Director require in the application?
203 words·~1 min read·
/us/cfr/t36/s§ 51.91·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
An application for the Director's approval of an assignment or encumbrance will include, to the extent required by the Director in the circumstances of the transaction, the following information in such detail as the Director may specify in order to make the determinations required by this subpart:
(a)All instruments proposed to implement the transaction;
(b)An opinion of counsel to the effect that the proposed transaction is lawful under all applicable federal and state laws;
(c)A narrative description of the proposed transaction;
(d)A statement as to the existence and nature of any litigation relating to the proposed transaction;
(e)A description of the management qualifications, financial background, and financing and operational plans of any proposed transferee;
(f)A detailed description of all financial aspects of the proposed transaction;
(g)Prospective financial statements (proformas);
(h)A schedule that allocates in detail the purchase price (or, in the case of a transaction other than an asset purchase, the valuation) of all assets assigned or encumbered. In addition, the applicant must provide a description of the basis for all allocations and ownership of all assets; and
(i)Such other information as the Director may require to make the determinations required by this subpart.