§ 26-175. Change of ownership.

(a)

A license issued under this article shall become null, void, and of no further effect when any of the following occurs:

(1)

Change in ownership involving more than ten percent of the aggregate ownership interest within a one-year period;

(2)

Change in the members of the board of directors of a not-for-profit corporation licensee involving 50 percent or more of the board members within a one-year period;

(3)

Takeover by another legal entity; or

(4)

Dissolution of the corporation.

(b)

A license issued under this article to a corporation which is subsequently dissolved shall not be reactivated upon reinstatement of the corporation. Such a corporation must reapply for a license.

(Code 1968, § 15-170; Code 1996, § 26-175)