S.D. Admin. R. 64:75:02:02

Current through Register Vol. 51, page 67, December 16, 2024

Section 64:75:02:02 - Voluntary transfer - Approval required

Any person voluntarily transferring the stock of a corporation holding a license issued pursuant to SDCL title 35 shall notify the department if the stock transfer results in a change of the majority ownership of the corporation. The person shall notify the department using forms prescribed by the department. The notice shall include the name of the owner or holder of such stock, amount of stock involved in the voluntary transfer, and the name and address of each proposed transferee. The secretary shall inform the governing body of the local government responsible for determining the suitability of the alcoholic beverage licensees, pursuant to SDCL 35-2-1.2 and 35-2-6.2.

SL 1975, ch 16, § 1; 13 SDR 129, 13 SDR 134, effective 7/1/1987; 21 SDR 219, effective 7/1/1995; 31 SDR 214, effective 7/6/2005; 32 SDR 58, effective 10/25/2005.

General Authority: SDCL 35-10-1(7).

Law Implemented: SDCL 35-2-1.2, 35-2-6.2, 35-10-1(7).