§ 23-59-7 - Sale or transfer of ownership or change in management.
SECTION 23-59-7
§ 23-59-7 Sale or transfer of ownership orchange in management. – (a) No provider and no person or entity owning a provider shall sell ortransfer, directly or indirectly, more than fifty percent (50%) of theownership of the provider or of a continuing care facility without giving thedepartment written notice of the intended sale or transfer at least thirty (30)days prior to the consummation of the sale or transfer. A series of sales ortransfers to one person or entity, or one or more entities controlled by oneperson or entity, consummated within a six (6) month period that constitutes,in the aggregate, a sale or transfer of more than fifty percent (50%) of theownership of a provider or of a continuing care facility shall be subject tothe foregoing notice provisions.
(b) A provider or continuing care facility that shall changeits chief executive officer, or its management firm if managed under a contractwith a third party, shall promptly notify the department and the residents ofeach change of chief executive officer or management firm.