6.1-363.9 - (Repealed effective October 1, 2010) Acquisition of control; application.
§ 6.1-363.9. (Repealed effective October 1, 2010) Acquisition of control;application.
A. Except as provided in this section, no person shall acquire, directly orindirectly, 25 percent or more of the voting shares of a corporation or 25percent or more of the ownership of any other person licensed to conductbusiness under this chapter unless such person first:
1. Files an application with the Commission in such form as the Commissionermay prescribe from time to time;
2. Delivers such other information to the Commissioner as the Commissionermay require concerning the financial responsibility, background, experience,and activities of the applicant, its directors, senior officers, trustees,beneficiaries, principals, and members, and of any proposed new directors,senior officers, principals, or members of the licensee; and
3. Pays such application fee as the Commission may prescribe.
B. Upon the filing and investigation of an application, the Commission shallpermit the applicant to acquire the interest in the licensee if it finds thatthe applicant, its members if applicable, its directors, senior officers,members, trustees, beneficiaries, and principals, and any proposed newpersons having any such status have the financial responsibility, character,reputation, experience, and general fitness to warrant belief that thebusiness will be operated efficiently and fairly, in the public interest, andin accordance with law. The Commission shall grant or deny the applicationwithin 60 days from the date a completed application accompanied by therequired fee is filed unless the period is extended by order of theCommissioner reciting the reasons for the extension. If the application isdenied, the Commission shall notify the applicant of the denial and thereasons for the denial.
C. The provisions of this section shall not apply to (i) the acquisition ofan interest in a licensee, directly or indirectly, including an acquisitionby merger or consolidation, by or with a person licensed by this chapter,(ii) the acquisition of an interest in a licensee, directly or indirectly,including an acquisition by merger or consolidation, by or with a personaffiliated through common ownership with the licensee, or (iii) theacquisition of an interest in a licensee by a person by bequest, descent,survivorship, or operation of law. The person acquiring an interest in alicensee in a transaction that is exempt from filing an application by thissubsection shall send written notice to the Commissioner of such acquisitionwithin 30 days of its closing.
(2004, c. 790.)