Section 12256 - Transfers and Sales(a) If any TPPPS owner type licensee wishes to sell in whole or in part any ownership interest to any unlicensed person, the TPPPS owner type licensee must first notify the Commission in writing to request approval of the transaction. The transferee must apply for and be approved as a TPPPS owner licensee. Evidence of the transferor's agreement to transfer the interest and, if applicable, the proposed articles of incorporation, must accompany the application for licensing.(b) The effective date of the sale must be at least 90 calendar days after receipt of the application for a TPPPS owner license, or such other shorter time period as will be set by the Executive Director with the agreement of the applicant.(c) Evidence of the final execution of a transfer or sale of an interest to a licensed person must be submitted in writing to the Commission within ten calendar days of the final transaction.(d) The TPPPS business licensee must notify the Bureau in writing within ten calendar days of any change to its ownership structure.Cal. Code Regs. Tit. 4, § 12256
1. Renumbering and amendment of former section 12200.15 to section 12256 filed 12-12-2020; operative 1-1-2021 pursuant to Government Code section 11343.4(b) (Register 2020, No. 51). Filing deadline specified in Government Code section 11349.3(a) extended 60 calendar days pursuant to Executive Order N-40-20. Note: Authority cited: Sections 19840, 19841 and 19984, Business and Professions Code. Reference: Sections 19826 and 19984, Business and Professions Code.
1. Renumbering and amendment of former section 12200.15 to section 12256 filed 12-12-2020; operative 1/1/2021 pursuant to Government Code section 11343.4(b) (Register 2020, No. 51). Filing deadline specified in Government Code section 11349.3(a) extended 60 calendar days pursuant to Executive Order N-40-20.