N.M. Admin. Code § 16.34.7.10

Current through Register Vol. 35, No. 21, November 5, 2024

Section 16.34.7.10 - CHANGES OF OWNERSHIP

A. An establishment or enterprise license is nontransferable.

B. A change of ownership or control is any action by which a person or corporation obtains authority to control the actions of an enterprise or establishment. These actions may include, but are not limited to:

(1) the transfer of the controlling interest of stock of an enterprise or establishment to its parent corporation;

(2) the merger of two or more enterprises or establishments;

(3) the division of enterprise or establishment into two or more enterprises or establishments;

(4) the transfer of the assets or liabilities of an enterprise or establishment to its parent corporation;

(5) the acquisition by an individual of the controlling interest of an enterprise or establishment, whether a proprietorship, partnership or corporation;

(6) the sale of an enterprise or establishment;

(7) the lease of or right to do business as an enterprise or establishment.

C. If ownership or legal control of a licensed enterprise or establishment changes, the new owner, lessee or other legally responsible party must submit a new application as defined in Subsection A. of 16.34.7.8 NMAC and secure a new license from the board.

D. If legal control of an enterprise or establishment does not change, but the organization of the ownership does change (e.g. a sole proprietor becomes the sole stock holder of a corporation which owns the enterprise or establishment), the board must receive notarized proof of such change within thirty days of such change.

N.M. Admin. Code § 16.34.7.10

16.34.7.10 NMAC - Rp 16 NMAC 34.7.10, 06-16-01, Amended by New Mexico Register, Volume XXVI, Issue 22, November 30, 2015, eff. 12/17/2015