§ 74C-23 — Acquisition or change of ownership or control of licensed firm, association, or corporation

North Carolina § 74C-23

• Jurisdiction: North Carolina
• Ch. 74C: Private Protective Services
• Art. 1: Private Protective Services Board

Text

In the event a company, firm, or corporation licensed under this Chapter transfers ownership, control, or a majority of assets to another person, firm, association, or corporation, the person, firm, association, or corporation acquiring control or ownership shall have the following responsibilities:
(1) Notify the Director of the acquisition or change of ownership or control by registered mail within five business days from the date of the transaction.
(2) Describe the transaction that has occurred by providing the following information:
a. The name and address of the registered agent of the party acquiring control or ownership or otherwise succeeding the licensee.
b. The name and address of the acquiring party, including each individual owner of any interest in the party or, if the party is a corporation, the name and address of each officer of the corporation and member of the board of directors.
c. Any change in location of any branch office.
d. Any change in insurance or bonding limits.
(3) Return to the Director all licenses held by the licensee within five business days from the date of the transaction if the acquiring party does not continue to operate the business under its previous name and license.
(4) Provide to the Director no later than 10 calendar days prior to the effective date of the transaction a list of all registrants or licensees affected by the transaction.
(5) Provide to the Director within 60 calendar days from the effective date of the transaction written confirmation of completion of any changes necessary for the acquiring party to comply with the requirements of this Chapter or any applicable rules adopted by the Board on a form approved by the Director. (2009-328, s. 12; 2022-66, s. 1.)