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Rule: 24.174.1208 Prev     Up     Next    
Rule Title: CHANGE IN OWNERSHIP
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Department: LABOR AND INDUSTRY
Chapter: BOARD OF PHARMACY
Subchapter: Wholesale Drug Distributors Licensing
 
Latest version of the adopted rule presented in Administrative Rules of Montana (ARM):

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24.174.1208    CHANGE IN OWNERSHIP

(1) When a wholesale drug distributor changes ownership, the original license becomes void and must be surrendered to the board, and a new license obtained by the new owner. The owner shall submit a new license application at least 30 days prior to the change in ownership.

(2) A change in ownership for the purposes of this rule shall be deemed to occur when more than 50 percent of the equitable ownership of a business is transferred in a single transaction or in a related series of transactions to one or more persons or any other legal entity.

(3) The board must be notified in writing when five to 50 percent of the equitable ownership of a business is transferred in a single transaction or in a related series of transactions to one or more persons or any other legal entity.

History: 37-7-201, 37-7-610, MCA; IMP, 37-7-604, 37-7-605, MCA; NEW, 2007 MAR p. 1936, Eff. 11/22/07.


 

 
MAR Notices Effective From Effective To History Notes
24-174-56 11/22/2007 Current History: 37-7-201, 37-7-610, MCA; IMP, 37-7-604, 37-7-605, MCA; NEW, 2007 MAR p. 1936, Eff. 11/22/07.
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