04 NCAC 03J .0205 NONTRANSFERABILITY OF CERTIFICATE OF REGISTRATION
(a) A Certificate of Registration shall be neither transferable nor assignable.
(b) The circumstances under which the Commissioner shall deem a change in the registrant's organizational structure to constitute a transfer or assignment of the Certificate of Registration shall include, but not be limited to, the following:
(1) If the registrant is a corporation:
(A) A change in ownership of 50% or more of the registrant's stock;
(B) The conversion of the corporation into a general or limited partnership or proprietorship;
(2) If the registrant is a general or limited partnership:
(A) A change in one of the registrant's general partners;
(B) The conversion of the general partnership into a limited partnership, corporation or proprietorship;
(C) The conversion of the limited partnership into a general partnership, corporation or proprietorship;
(3) If the registrant is a proprietor:
(A) The conversion of the proprietorship into a general or limited partnership or corporation;
(B) The sale of all of the assets of the registrant's business to another person.
(c) Upon a change in organization as set forth in Paragraph (b) of this Rule, the Certificate of Registration shall become void and the registrant shall surrender its Certificate of Registration to the Commissioner within 30 days of such change. If the entity which results from the change in the registrant's organization would like to engage in business as a facilitator in this State, it shall apply for a Certificate of Registration pursuant to Rule .0201 of this Section.
History Note: Authority G.S. 53-253; 150B-21.2;
Eff. September 1, 1993.