California Vehicle Code

§ 2503

VEH § 2503 Effective Jan 1, 2000Div. 2 · Ch. 2.5 · Art. 1

Statute text

(a)Licenses issued by the commissioner shall not be transferable. A change in ownership or control of the licensed activity shall render the existing license null and void and a new license shall be required. A change in ownership or control includes, but is not limited to, a change in corporate status, or a stock transfer of shares possessing more than 50 percent of the voting power of the corporation. A change in ownership or control does not include the addition or deletion of partners, officers, directors, or board members comprising 50 percent or less ownership or control of the licensed activity if both of the following are complied with:

(1)The new partners, officers, directors, or board members have not committed any acts described in Section 2541.

(2)An amended license application form indicating the changes and any other information required pursuant to subdivision (d) of Section 2502 is submitted to the commissioner within 10 days of the change.

…

Legislative history

Amended by Stats. 1999, Ch. 1008, Sec. 3. Effective January 1, 2000.