§ 111. Transfer of local agency store in conjunction with sale of real property or business
(a) If a proposed sale of real estate or a business in which a local agency store is located is contingent on the transfer of the agency store's contract with the Board to the buyer, the seller and buyer may, prior to completing the sale, submit to the Division a request to approve the transfer of the agency store's contract to the buyer. The request shall be accompanied by any information required by the Division.
(b) The Division shall review the request and evaluate the buyer based on the standards for evaluating an applicant for a new agency store contract.
(c) Within 30 days after receiving the request and all necessary information, the Division shall complete the evaluation of the proposed transfer and notify the parties of whether the agency store's contract may be transferred to the buyer.
(d)(1) If the transfer is approved, the contract shall transfer to the buyer upon completion of the sale.
(2) If the transfer is denied, the seller may continue to operate the agency store pursuant to the existing contract with the Board. (Added 1987, No. 188 (Adj. Sess.), § 3, eff. May 11, 1988; amended 2017, No. 83, § 13; 2018, No. 1 (Sp. Sess.), § 18.)
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