N.Y. Comp. Codes R. & Regs. tit. 9 § 124.6

Current through Register Vol. 46, No. 36, September 4, 2024

Section 124.6 - Subsidiaries

(a) Any subsidiary of an applicant or a licensee or of a subsidiary of an applicant or licensee shall:

(1) be a wholly owned subsidiary where total control is held by and 100% of the shares are owned by the licensee;

(2) transfer or accrue to the licensee the following:

(i) communications from the Office;

(ii) enforcement proceedings;

(iii) information related to compliance with the rules and regulations of the license; and

(iv) any requirement, obligations, or liabilities to the license imposed under this Part or at the request of the Office or Board.

(3) be named and identifiable as subsidiary to the licensee according to a naming convention that includes but is not limited to:

(i) The legal name of the licensee, notwithstanding the corporate formation of the licensee or subsidiary;

(ii) A number indicating the sequential order in which it was created; and

(iii) The term subsidiary or sub.

N.Y. Comp. Codes R. & Regs. Tit. 9 § 124.6

Adopted New York State Register September 27, 2023/Volume XLV, Issue 39, eff. 9/27/2023