§ 19-14-11 - Prohibition or transfer or assignment of license. - Rhode Island Statutes

SECTION 19-14-11

   § 19-14-11  Prohibition or transfer orassignment of license. – No license shall be transferable or assignable. A change in ownership of lessthan twenty-five percent (25%) of the voting stock or equity interests of alicensee shall not be considered a transfer or assignment of the license. Achange in ownership of twenty-five percent (25%) or more of the voting stock orequity interests shall require notification to the director within fifteen (15)days of the change in ownership. Change in ownership application procedures,including reasonable response time requirements, shall be established byregulations promulgated by the director or the director's designee.