Current through Register Vol. 54, No. 25, June 22, 2024
Section 1059.3 - Authority approval of sale of rights(a)Sale of transferable rights. The sale of transferable rights without advance approval of the Authority is void by operation of law.(b)Sale of securities in transferable rights. The sale of securities in an entity that owns transferable rights will be considered a sale under this chapter in either of the following circumstances:(1) The securities to be transferred equal or exceed 5% of the issued securities in the entity that holds an ownership interest in a transferrable right.(2) Upon completion of the transfer the buyer will own 5% or more of the issued securities in the entity that holds an ownership interest in a transferrable right.The provisions of this § 1059.3 temporarily amended May 5, 2017, effective 2/25/2017, expire upon promulgation of final-form regulations or on November 5, 2018, whichever is later, as set forth in 53 Pa.C.S. § 57B 02(b), 47 Pa.B. 2558. The provisions of this § 1059.3 temporarily amended under 53 Pa.C.S. § 57B 02.