N.Y. Comp. Codes R. & Regs. Tit. 10 §§ 765-1.13

Current through Register Vol. 46, No. 51, December 18, 2024

Section 765-1.13 - Transfers of stock

(a) Any transfer, assignment or other disposition of 10 percent or more of the stock or voting rights thereunder of a corporation which is the operator of a licensed home care services agency, or any transfer, assignment or other disposition of the stock or voting rights thereunder of such a corporation which results in the ownership or control of more than 10 percent of the stock or voting rights thereunder of such corporation by any person, must receive the prior approval of the Public Health Council in accordance with the applicable requirements of article 36 of the Public Health Law and this Subpart. In the event such change is occasioned by the death of a stockholder, the department shall be notified immediately and application shall be made for approval of such change within 30 days of such death. An applicant who proposes to acquire stock or voting rights thereunder in a business corporation, the transfer of which requires the approval of the Public Health Council, shall file, in addition to meeting the other applicable requirements of this Subpart, information, documents and data as follows:

(1) a statement identifying the number of shares of stock or voting rights thereunder to be acquired and the percentage of total issued and outstanding stock represented by such shares; and

(2) such additional pertinent information or documents necessary or the Public Health Council's consideration, as requested.

(b) Any transfer, assignment or other disposition of 10 percent or more of the stock or voting rights thereunder to the corporation, or any transfer, assignment or other disposition of the stock or voting rights thereunder which results in the ownership or control of more than 10 percent of the stock or voting rights thereunder by the corporation, or any transfer, assignment or other disposition of 10 percent or more of the stock or voting rights thereunder by the corporation, shall be subject to the prior approval by the Public Health Council in accordance with the applicable requirements of this Subpart and this section.

N.Y. Comp. Codes R. & Regs. Tit. 10 §§ 765-1.13