§ 6.2-2208. (Effective October 1, 2010) Acquisition of control; application.
A. Except as provided in this section, no person shall acquire, directly orindirectly, 25 percent or more of the voting shares of a corporation or 25percent or more of the ownership of any other person licensed to conductbusiness under this chapter unless such person first:
1. Files an application with the Commission in such form as the Commissionermay prescribe from time to time;
2. Delivers such other information to the Commissioner as the Commissionermay require concerning the financial responsibility, background, experience,and activities of the applicant, its directors, senior officers, principals,and members and of any proposed new directors, senior officers, principals,or members of the licensee; and
3. Pays such application fee as the Commission may prescribe.
B. Upon the filing and investigation of an application, the Commission shallpermit the applicant to acquire the interest in the licensee if it finds thatthe applicant, its members if applicable, its directors, senior officers,trustees, and principals and any proposed new directors, members, seniorofficers, trustees, and principals have the financial responsibility,character, reputation, experience, and general fitness to warrant belief thatthe business will be operated efficiently and fairly, in the public interest,and in accordance with law. The Commission shall grant or deny theapplication within 60 days from the date a completed application accompaniedby the required fee is filed unless the period is extended by order of theCommissioner reciting the reasons for the extension. If the application isdenied, the Commission shall notify the applicant of the denial and thereasons for the denial.
C. The provisions of this section shall not apply to (i) the acquisition ofan interest in a licensee, directly or indirectly, including an acquisitionby merger or consolidation by or with a person licensed under this chapter;(ii) the acquisition of an interest in a licensee, directly or indirectly, bymerger or consolidation by or with a person affiliated through commonownership with the licensee; or (iii) the acquisition of an interest in alicensee by bequest, descent, survivorship, or operation of law. The personacquiring an interest in a licensee in a transaction that is exempt fromfiling an application by this subsection shall send written notice to theCommissioner of such acquisition within 30 days of its closing.
§ 6.2-2208. (Effective October 1, 2010) Acquisition of control; application.
A. Except as provided in this section, no person shall acquire, directly orindirectly, 25 percent or more of the voting shares of a corporation or 25percent or more of the ownership of any other person licensed to conductbusiness under this chapter unless such person first:
1. Files an application with the Commission in such form as the Commissionermay prescribe from time to time;
2. Delivers such other information to the Commissioner as the Commissionermay require concerning the financial responsibility, background, experience,and activities of the applicant, its directors, senior officers, principals,and members and of any proposed new directors, senior officers, principals,or members of the licensee; and
3. Pays such application fee as the Commission may prescribe.
B. Upon the filing and investigation of an application, the Commission shallpermit the applicant to acquire the interest in the licensee if it finds thatthe applicant, its members if applicable, its directors, senior officers,trustees, and principals and any proposed new directors, members, seniorofficers, trustees, and principals have the financial responsibility,character, reputation, experience, and general fitness to warrant belief thatthe business will be operated efficiently and fairly, in the public interest,and in accordance with law. The Commission shall grant or deny theapplication within 60 days from the date a completed application accompaniedby the required fee is filed unless the period is extended by order of theCommissioner reciting the reasons for the extension. If the application isdenied, the Commission shall notify the applicant of the denial and thereasons for the denial.
C. The provisions of this section shall not apply to (i) the acquisition ofan interest in a licensee, directly or indirectly, including an acquisitionby merger or consolidation by or with a person licensed under this chapter;(ii) the acquisition of an interest in a licensee, directly or indirectly, bymerger or consolidation by or with a person affiliated through commonownership with the licensee; or (iii) the acquisition of an interest in alicensee by bequest, descent, survivorship, or operation of law. The personacquiring an interest in a licensee in a transaction that is exempt fromfiling an application by this subsection shall send written notice to theCommissioner of such acquisition within 30 days of its closing.
§ 6.2-2208. (Effective October 1, 2010) Acquisition of control; application.
A. Except as provided in this section, no person shall acquire, directly orindirectly, 25 percent or more of the voting shares of a corporation or 25percent or more of the ownership of any other person licensed to conductbusiness under this chapter unless such person first:
1. Files an application with the Commission in such form as the Commissionermay prescribe from time to time;
2. Delivers such other information to the Commissioner as the Commissionermay require concerning the financial responsibility, background, experience,and activities of the applicant, its directors, senior officers, principals,and members and of any proposed new directors, senior officers, principals,or members of the licensee; and
3. Pays such application fee as the Commission may prescribe.
B. Upon the filing and investigation of an application, the Commission shallpermit the applicant to acquire the interest in the licensee if it finds thatthe applicant, its members if applicable, its directors, senior officers,trustees, and principals and any proposed new directors, members, seniorofficers, trustees, and principals have the financial responsibility,character, reputation, experience, and general fitness to warrant belief thatthe business will be operated efficiently and fairly, in the public interest,and in accordance with law. The Commission shall grant or deny theapplication within 60 days from the date a completed application accompaniedby the required fee is filed unless the period is extended by order of theCommissioner reciting the reasons for the extension. If the application isdenied, the Commission shall notify the applicant of the denial and thereasons for the denial.
C. The provisions of this section shall not apply to (i) the acquisition ofan interest in a licensee, directly or indirectly, including an acquisitionby merger or consolidation by or with a person licensed under this chapter;(ii) the acquisition of an interest in a licensee, directly or indirectly, bymerger or consolidation by or with a person affiliated through commonownership with the licensee; or (iii) the acquisition of an interest in alicensee by bequest, descent, survivorship, or operation of law. The personacquiring an interest in a licensee in a transaction that is exempt fromfiling an application by this subsection shall send written notice to theCommissioner of such acquisition within 30 days of its closing.
