Article 7.--REGULATION OF PAWNBROKERS AND PRECIOUS METAL DEALERS
16-709.Transfer of stock by stockholder of corporate licensee;
effect.
It shall be unlawful for any shareholder of a corporate licensee to
transfer any stock in said corporation to any person who would be
ineligible to receive a license as an individual, and any such transfer
shall be null and void: Provided, That if any such stockholder of a
corporate licensee shall become deceased, and his heirs or devisees to whom
said stock descends by descent and distribution or by will shall be
ineligible to receive a license hereunder, then the legal representatives
of said deceased stockholder's estate, his heirs and devisees shall have
fourteen (14) months from the date of the death of said stockholder within
which to sell said stock to a person eligible to receive a license
hereunder, with such sale to be made in accordance with the provisions of
the probate code and any amendments thereto. If said legal representatives,
heirs and devisees shall fail, refuse or neglect to so convey said stock
within the time hereinbefore prescribed, then said stock shall revert to
and become the property of the corporation, for which the corporation shall
pay to said legal representatives, heirs or devisees the book value of such
stock. If the stock in any corporation shall be the subject of any trust
heretofore or hereafter created, the trustee or trustees and the
beneficiaries of each trustee and beneficiary of said trust who is
twenty-one (21) years of age or older must be a person who would be
eligible to receive a license, or the trustee shall be and he is hereby
authorized and required, within fourteen (14) months after the effective
date of the trust, to sell said stock to a person eligible to receive a
license under this act, and he shall hold and disburse the proceeds thereof
in accordance with the terms of the trust, or the license of the
corporation shall be forfeited.
During the fourteen-month periods hereinbefore mentioned, a corporation
shall not be denied a license or have its license revoked if it meets all
of the other requirements necessary to have a license as provided in this
act.
Article 7.--REGULATION OF PAWNBROKERS AND PRECIOUS METAL DEALERS
16-709.Transfer of stock by stockholder of corporate licensee;
effect.
It shall be unlawful for any shareholder of a corporate licensee to
transfer any stock in said corporation to any person who would be
ineligible to receive a license as an individual, and any such transfer
shall be null and void: Provided, That if any such stockholder of a
corporate licensee shall become deceased, and his heirs or devisees to whom
said stock descends by descent and distribution or by will shall be
ineligible to receive a license hereunder, then the legal representatives
of said deceased stockholder's estate, his heirs and devisees shall have
fourteen (14) months from the date of the death of said stockholder within
which to sell said stock to a person eligible to receive a license
hereunder, with such sale to be made in accordance with the provisions of
the probate code and any amendments thereto. If said legal representatives,
heirs and devisees shall fail, refuse or neglect to so convey said stock
within the time hereinbefore prescribed, then said stock shall revert to
and become the property of the corporation, for which the corporation shall
pay to said legal representatives, heirs or devisees the book value of such
stock. If the stock in any corporation shall be the subject of any trust
heretofore or hereafter created, the trustee or trustees and the
beneficiaries of each trustee and beneficiary of said trust who is
twenty-one (21) years of age or older must be a person who would be
eligible to receive a license, or the trustee shall be and he is hereby
authorized and required, within fourteen (14) months after the effective
date of the trust, to sell said stock to a person eligible to receive a
license under this act, and he shall hold and disburse the proceeds thereof
in accordance with the terms of the trust, or the license of the
corporation shall be forfeited.
During the fourteen-month periods hereinbefore mentioned, a corporation
shall not be denied a license or have its license revoked if it meets all
of the other requirements necessary to have a license as provided in this
act.
Article 7.--REGULATION OF PAWNBROKERS AND PRECIOUS METAL DEALERS
16-709.Transfer of stock by stockholder of corporate licensee;
effect.
It shall be unlawful for any shareholder of a corporate licensee to
transfer any stock in said corporation to any person who would be
ineligible to receive a license as an individual, and any such transfer
shall be null and void: Provided, That if any such stockholder of a
corporate licensee shall become deceased, and his heirs or devisees to whom
said stock descends by descent and distribution or by will shall be
ineligible to receive a license hereunder, then the legal representatives
of said deceased stockholder's estate, his heirs and devisees shall have
fourteen (14) months from the date of the death of said stockholder within
which to sell said stock to a person eligible to receive a license
hereunder, with such sale to be made in accordance with the provisions of
the probate code and any amendments thereto. If said legal representatives,
heirs and devisees shall fail, refuse or neglect to so convey said stock
within the time hereinbefore prescribed, then said stock shall revert to
and become the property of the corporation, for which the corporation shall
pay to said legal representatives, heirs or devisees the book value of such
stock. If the stock in any corporation shall be the subject of any trust
heretofore or hereafter created, the trustee or trustees and the
beneficiaries of each trustee and beneficiary of said trust who is
twenty-one (21) years of age or older must be a person who would be
eligible to receive a license, or the trustee shall be and he is hereby
authorized and required, within fourteen (14) months after the effective
date of the trust, to sell said stock to a person eligible to receive a
license under this act, and he shall hold and disburse the proceeds thereof
in accordance with the terms of the trust, or the license of the
corporation shall be forfeited.
During the fourteen-month periods hereinbefore mentioned, a corporation
shall not be denied a license or have its license revoked if it meets all
of the other requirements necessary to have a license as provided in this
act.