6.1-452 - (Repealed effective October 1, 2010) Acquisition of control; application.
§ 6.1-452. (Repealed effective October 1, 2010) Acquisition of control;application.
A. Except as provided in this section, no person shall acquire, directly orindirectly, twenty-five percent or more of the voting shares of a corporationor twenty-five percent or more of the ownership of any other person licensedto conduct business 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, principalsand members, and of any proposed new directors, senior officers, principalsor 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 andprincipals, and any proposed new directors, members, senior officers andprincipals have the financial responsibility, character, reputation,experience and general fitness to warrant belief that the business will beoperated efficiently and fairly, in the public interest, and in accordancewith law. The Commission shall grant or deny the application within sixtydays from the date a completed application accompanied by the required fee isfiled unless the period is extended by order of the Commissioner reciting thereasons for the extension. If the application is denied, the Commission shallnotify the applicant of the denial and the reasons 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 thirty days of its closing.
(2002, c. 897.)