Section 13-256-6 - Transferability of commercial use permits(a) A commercial use permit issued to an individual is nontransferable, so that whenever the permittee parts with possession or transfers the title to or interest in the vessel identified in the commercial use permit to another person or business entity by any arrangement, the commercial use permit shall expire. The new possessor, transferee, or owner of the vessel shall have no right to use the commercial use permit. Notwithstanding the prohibition of individuals transferring commercial use permits, the department will allow the one-time transfer of ownership of the vessel from personal ownership to corporate or other business ownership without terminating the rights to operate the commercial vessel under the commercial use permit.(b) The following rights, conditions, and restrictions apply to commercial use permits issued to a corporation or other business entity. (1) Any person owning an interest in a corporation or other business entity possessing a valid commercial use permit issued by the department may transfer any or all stock or other interest to another person without terminating the right of the corporation or business entity to retain or renew its commercial use permit; provided that the corporation or business entity has been engaged in the same commercial vessel activity for a minimum of one year and provided that the department is notified within 7 days of the transfer of all transactions that amount to a transfer of the stock or interest, as defined in section 13-256-7 in the corporation or business entity by the owners of record.(2) The business transfer fee must be paid before any transfer is permitted.(c) A commercial use permit issued for a thrill craft or parasail operating area shall automatically terminate upon the transfer of any or all interest in the corporation or other business entity holding the permit.[Eff 2/24/94] (Auth: HRS §§ 200-2, 200-3, 200-4, 200-10, 200-24) (Imp: HRS § 200-2, 200-3, 200-4, 200-2, 200-3, 200-10)