§ 1372 — Change in ownership

(a) In order to change ownership of a license, all of the following must be filed with the Commissioner on behalf of the new owner or owners:

(1) An application.

(2) A financial statement of the new owner or owners.

(3) Personal financial statements of all individuals, partners, or stockholders holding at least 10% of the corporate stock.

(4) A copy of the agreement of the terms of the sale or other exchange of financial interest, including stock distribution.

(5) Copy of all documents explaining interest and profit/loss distribution.

(6) Any application fee required by the Commissioner.

(7) Any other documents requested by the Commissioner.

(b) A change in ownership includes a change in the entire ownership, change in the partial ownership, or the sale or exchange of shares of stock by stockholders.

Legislative History

84 Del. Laws, c. 24, § 4