§ 28-40-15 - Notice of transfer of business – Contributions due immediately.
SECTION 28-40-15
§ 28-40-15 Notice of transfer of business– Contributions due immediately. – The sale or transfer by any employer other than receivers, assignees under avoluntary assignment for the benefit of creditors, trustees in bankruptcy, orpublic officers acting under judicial process, of the major part in value ofthe assets of that employer otherwise than in the ordinary course of trade andthe regular and usual prosecution of that employer's business, shall befraudulent and void as against the state, unless that employer shall, at leastfive (5) days before the sale or transfer, notify the director of the proposedsale or transfer and of its price, terms, and conditions and of the characterand location of those assets. Whenever that employer makes that sale ortransfer, all contributions imposed by this chapter shall be paid at the timewhen the director is so notified or, if he or she is not so notified, at thetime when he or she should have been notified.