§ 28-43-21 - Notice of transfer of business – Contributions due immediately.
SECTION 28-43-21
§ 28-43-21 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, at least five(5) days before the sale or transfer, notifies the director of the proposedsale or transfer and of the price, terms, and conditions of the sale and of thecharacter and location of those assets. Whenever that employer makes the saleor transfer, all contributions imposed by this chapter shall be paid at thetime when the director is notified, or, if he or she is not notified, at thetime when he or she should have been notified.