§ 9-112-170

Removal or change of officer

a.

Whenever any changes occur in the officers of the licensee, the licensee shall notify the department in accordance with the procedures set forth in subsections (b) and (c) of this section.  For purposes of this section, the term “officer of the licensee” means the members of a partnership, the officers, directors, managers or shareholders of a corporation, or the managers or managing members of a limited liability company or other legal entity licensed pursuant to this chapter.

b.

If any officer of the licensee is removed from office in accordance with the bylaws, operating agreement, partnership agreement for the licensee, pursuant to law or court order, by reason of death, or for any other reason, and such officer is not replaced, then the licensee shall notify the department of the change by notarized letter within 30 days of the effective date of the change.  The licensee shall submit any additional information pertaining to the removal of any officer requested by the commissioner within 10 days of such request.  The commissioner will assess a $25 fee for processing the removal of the officer.

c.

If any officer of the licensee is removed from office in accordance with the bylaws, operating agreement or partnership agreement for the licensee, pursuant to law or court order, by reason of death or for any other reason, and the person removed from office is replaced by another person, then the licensee shall notify the department of the change by filing with the department a change of officer form provided by the department within 30 days of the effective date of the change.  The person replacing the removed officer must meet the qualifications specified in Section

9-112-100" destination-id="JD_9-112-100">9-112-100 and is subject to investigation as detailed in Section 9-112-110" destination-id="JD_9-112-110">9-112-110.  The licensee shall submit to the department: (i) the change of officer form as promulgated by the commissioner in rules; (ii) a $100.00 change of officer processing fee; and (iii) any other supplementary materials promulgated by the commissioner in rules.

(Added Coun. J. 1-18-12, p. 19118, § 1)

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