§ 11-51-408 — Licensing of successor firms

(1) (a) A licensed broker-dealer or
investment adviser may file an application for a license on behalf of a successor,
whether or not the successor is in existence. If a broker-dealer or investment
adviser succeeds to and continues the business of a licensed broker-dealer or
investment adviser and the successor files an application for a license within thirty
days after the succession, the license of the predecessor remains effective as the
license of the successor for sixty days after the succession. An application filed
pursuant to this subsection (1) must satisfy all requirements of an application under
this article.

(b) A federal covered adviser may file a notice on behalf of a successor,
whether or not the successor is in existence.

(2) If a successor is licensed or authorized to do business in this state
pursuant to subsection (1) of this section, the license of each sales representative or
investment adviser representative licensed to act for the predecessor shall remain
effective as a license to act for the successor without a separate filing or payment
of a separate fee.

Legislative History

Source: L. 90: Entire article R&RE, p. 725, � 1, effective July 1. L. 98: Entire section amended, p. 558, � 11, effective January 1, 1999.