Section 1180.2 - Change of Ownership(a) Each licensee shall report to the Department any proposed change of ownership of the licensed business, including any transfer of stock if the licensee is a corporation. Transfer of publicly traded stock or transfer of stock between the owner and trust accounts under the owner's control or between the owner's accounts and trust accounts upon the death of the owner are exempt from this subsection.(b) The licensed business of a sole proprietorship or partnership may not be operated under ownership differing from that registered with the Department in the application.(c) A corporate licensee may not exercise the privileges of the license under stock ownership differing from that registered with the Department in the application, unless the licensee has first notified the Department pursuant to subsection (a) and the Department has approved such operation following investigation consistent with section 1180.1. This section does not apply to stock transfer made pursuant to the order of any court; provided, however, notice of each such transfer shall be given to the Department before the transfer is made.Cal. Code Regs. Tit. 3, § 1180.2
1. Amendment of section and new NOTE filed 3-7-2012; operative 4-6-2012 (Register 2012, No. 10). Note: Authority cited: Sections 407, 19380, 19381, 19382, 19383, 19384 and 19385, Food and Agricultural Code. Reference: Sections 19240, 19260, 19280, 19300, 19310, 19320, 19340 and 19360, Food and Agricultural Code.
1. Amendment of section and new Note filed 3-7-2012; operative 4-6-2012 (Register 2012, No. 10).