Ill. Admin. Code tit. 68 § 1290.30

Current through Register Vol. 48, No. 24, June 14, 2024

Section 1290.30 - Dispensing Organization Principal Officers

a) In addition to the individuals identified in the dispensing organization's by-laws as principal officers, the following individuals are considered principal officers:

1) If a corporation, the officers of the corporation;

2) If a partnership, the partners;

3) If a limited liability company, the members and managers of the limited liability company;

4) If an association or cooperative, the members of the association or cooperative;

5) If a joint venture, the individuals who signed the joint venture agreement; and

6) If a business organization other than the types listed in subsections (a)(1) through (5), the members of the business organization.

b) A dispensing organization may not be established as a trust. A trust may not have an ownership interest in a registered dispensing organization.

c) If a dispensing organization parent company, holding company or any other entity exerts management or control over the dispensing organization, that entity is a dispensing organization principal officer, including the officers, board members and the individuals with an ownership interest in it that have more than a one percent ownership interest in the dispensing organization.

Ill. Admin. Code tit. 68, § 1290.30

Adopted at 38 Ill. Reg. 16875, effective 7/24/2014.

Amended at 43 Ill. Reg. 6593, effective 5/20/2019