§ 128 — Permits, registrations and licenses

§ 128. Permits, registrations and licenses. 1. No permit, registration\nor license shall be transferable or assignable except that\nnotwithstanding any other provision of law, the permit, registration or\nlicense of a sole proprietor converting to corporate form, where such\nproprietor becomes the sole stockholder and only officer and director of\nsuch new corporation, may be transferred to the subject corporation if\nall requirements of this chapter remain the same with respect to such\npermit, registration or license as transferred and, further, the\nregistered organization or licensee shall transmit to the board, within\nten days of the transfer of license allowable under this subdivision, on\na form prescribed by the board, notification of the transfer of such\nlicense.\n 2. No permit, registration or license shall be pledged or deposited as\ncollateral security for any loan or upon any other condition; and any\nsuch pledge or deposit, and any contract providing therefor, shall be\nvoid.\n 3. Permits, registrations and licenses issued under this chapter shall\ncontain, in addition to any further information or material to be\nprescribed by the rules and regulations of the board, the following\ninformation:\n (a) name of the person to whom the license is issued;\n (b) type of license and what type of cannabis commerce is thereby\npermitted;\n (c) description by street and number, or otherwise, of licensed\npremises; and\n (d) a statement in substance that such license shall not be deemed a\nproperty or vested right, and that it may be revoked at any time\npursuant to law.\n