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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.

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