38.2-4906 - Sale or transfer of ownership or change in management. - Virginia Statutes

§ 38.2-4906. Sale or transfer of ownership or change in management.

A. No provider and no person or entity owning a provider shall sell ortransfer, directly or indirectly, more than fifty percent of the ownership ofthe provider or of a continuing care facility without giving the Commissionwritten notice of the intended sale or transfer at least thirty days prior tothe consummation of the sale or transfer. A series of sales or transfers toone person or entity, or one or more entities controlled by one person orentity, consummated within a six-month period that constitute, in theaggregate, a sale or transfer of more than fifty percent of the ownership ofa provider or of a continuing care facility shall be subject to the foregoingnotice provisions.

B. A provider or continuing care facility that shall change its chiefexecutive officer, or its management firm if managed under a contract with athird party, shall promptly notify the Commission and the residents of eachsuch change.

(1985, c. 554, § 38.1-961; 1986, c. 562.)