§ 8AA-14. Transfers.

(a) No transfer of a license shall occur without prior approval of the County, which approval shall not be unreasonably withheld.

(b) Any transfer of a license shall be subject to the application requirements of Section 8AA-4(B)(1), (2), (3), and (8). Final action on the request shall be taken by the Commission within a reasonable amount of time of receipt of a completed application.

(c) Transfer of a license shall mean (1) assignment, sale or transfer of more than thirty (30) percent of the stock, partnership shares or assets of the licensee to a person other than the licensee; (2) assignment, sale or transfer of more than forty (40) percent of the ownership of any parent corporation, parent entity or holding company that owns, or by ownership of other entities, controls the licensee; or (3) the transfer of any interest that results in the change of effective control of the licensee.

(d) This section does not apply to any restructure, recapitalization or refinancing which does not change the effective control of the licensee; in such transfer, the licensee shall give prior notice to the Director within thirty (30) days prior to such transfer.

(e) In making a determination on whether to grant an application to transfer a license, the Commission will consider the legal, financial, technical and character qualifications of the transferee to operate the system.

(f) Approval by the County of a transfer of a license does not constitute a waiver or release of any of the rights of the County under this chapter.

(Ord. No. 90-73, § 1, 7-24-90; Ord. No. 01-44, § 1, 3-20-01)