6-978 - Arizona Statutes

6-978. Consent of superintendent for transferring, assigning or acquiring control of licensee; definition A license is not transferable or assignable and control of a licensee may not be acquired through a stock purchase or any other device without the prior written consent of the superintendent. The superintendent shall not give written consent if he finds that any of the grounds for denial, revocation or suspension of a license as set forth in section 6-982 apply to the acquiring person. For the purpose of this section, "control" means the power to vote more than twenty per cent of the outstanding voting shares of a licensed corporation, partnership, association or trust.