Title: Section 901.13 - Transfers of interest by sole proprietors or general partners

901.13 Transfers of interest by sole proprietors or general partners.

(a) Any change in the sole proprietor who or general partners of a partnership which is the operator of a life care community must receive the prior approval of the Life Care Community Council. In the event such change is occasioned by the death of an operator, the department shall be notified immediately and application shall be made for approval of such change within thirty days of such death. A sole proprietor or partnership seeking the council's approval for the transfer of all or part of the ownership of the business shall file, in addition to meeting the other applicable requirements of this part, the applicable information, documents and data as follows:

(1) a certified copy of the applicant's existing or executed proposed certificate of doing business;

(2) a photocopy of any corporate applicant's executed, existing or proposed certificate of incorporation;

(3) where the applicant is a partnership, copies of all partnership agreements;

(4) a declaration of the percentage of the business to be transferred;

(5) a financial statement setting forth the purchase price of the interest in the business being sold and the financial resources available to make such purchase, or the basis on which such transfer is to be financed;

(6) where any transfer is to be by gift, a statement of the relationship between the donor and donee;

(7) information as to the character, experience, competence and standing in the community of the applicant;

(8) where the applicant proposes a change of name by which the community is doing business, a photocopy of the executed proposed certificate of doing business; and

(9) such additional pertinent information or documents necessary for the council's consideration, as requested;

(b) Any transfer pursuant to this section shall be completed within ninety days of the issuance by the Life Care Community Council of its approval for such transfer unless extended by the Commissioner, and the council shall be notified of the transfer within ten days after its completion. Any request for an extension of time shall set forth the reasons why such transfer could not be completed within the prescribed time. Failure to complete a transfer within the time prescribed or as extended by the council or failure to notify the council within the time prescribed shall constitute an abandonment and withdrawal of the application and any council approval.