59.1-308 - Change in ownership of health spa. - Virginia Statutes

§ 59.1-308. Change in ownership of health spa.

For purposes of this chapter, a health spa shall be considered a new healthspa and subject to the requirements of a bond or letter of credit at the timethe health spa changes ownership. Any health spa which has more than fiftypercent ownership by the same stockholder(s) and/or partner(s) shall beconsidered as owned by the same owner. A change in ownership shall notrelease, cancel or terminate liability under any bond or letter of creditpreviously filed unless the Commissioner agrees in writing to such release,cancellation or termination because the new owner has filed a new bond orletter of credit for the benefit of the previous owner's members or becausethe former owner has refunded all unearned payments to its members. Everychange in ownership shall be reported in writing to the Commissioner at leastten days prior to the effective date of the change in ownership.

(1984, c. 738; 1985, c. 585; 1990, cc. 392, 433.)