4.1-507 - Transfer of business. - Virginia Statutes

§ 4.1-507. Transfer of business.

A. No brewery shall unreasonably withhold or delay consent to any transfer ofthe wholesaler's business, or transfer of the stock or other interest in thewholesalership, whenever the wholesaler to be substituted meets the materialand reasonable qualifications and standards required of its wholesalers.Whenever a transfer of a wholesaler's business occurs, the purchaser shallassume all the obligations imposed on and succeed to all the rights held bythe selling wholesaler by virtue of any agreement between the sellingwholesaler and one or more breweries entered into prior to the transfer.

B. Notwithstanding any provision in subsection A, no brewery shall withholdconsent to, or in any manner retain a right of prior approval of, thetransfer of the wholesaler's business to a member or members of thewholesaler's family. However, subsequent to such transfer, the rights andobligations of the wholesalership and its owners shall in all other respectsbe governed by the provisions of this chapter. As used in this subsection,"family" means the wholesaler's spouse, parents, siblings, children,stepchildren, and lineal descendants, including those by adoption.

(1978, c. 579, § 4-118.9; 1985, c. 549; 1993, c. 866.)