Section 50.23 - Change of Ownership(a) A change of ownership is any agreement to transfer ownership or control of a school. A change of control is presumed if: (1) more than 50% of an individual owner's interest is sold or transferred;(2) more than 50% of a legal entity's interest is sold or transferred; or(3) there is a change in directors, officers, shareholders, or other governing body that results in significant changes in operations, management, or key instructors.(b) A certificate issued under this subchapter may not be sold or transferred to an individual or legal entity not currently listed on the application.(c) Individuals and legal entities currently listed on a certificate application may purchase, sell, or transfer ownership or an interest in the certificate, but only to another listed owner.(d) A sale or transfer of an ownership interest in a school that does not result in a change of control under subsection (a) of this section does not require an original application. The sale or transfer is effective upon submission of: (1) a change of ownership form;(2) documents providing evidence of the sale or transfer; and(3) payment of the required fee.(e) A sale or transfer that results in a change of ownership in a primary seller server school as described in subsection (a) of this section requires submission of an original application.(f) The sale or transfer of an ownership interest in a branch school certificate to an individual or legal entity not currently the primary school permit holder requires the purchaser to submit an original application for a primary school certificate.16 Tex. Admin. Code § 50.23
The provisions of this §50.23 adopted to be effective January 1, 2011, 35 TexReg 7054; Amended by Texas Register, Volume 48, Number 23, June 9, 2023, TexReg 2939, eff. 6/14/2023