24.174.804    CHANGE IN OWNERSHIP

(1) When a pharmacy changes ownership, the original license becomes void and must be surrendered to the board, and a new license obtained by the new owner or owners. The owner shall submit a new license application at least 30 days prior to the change in ownership. The application must be reviewed by the board or its designee before the license may be issued.

(2) A change in ownership for the purposes of this rule shall be deemed to occur when more than 50 percent of the equitable ownership of a business is transferred in a single transaction or in a related series of transactions to one or more persons or any other legal entity.

(3) The board must be notified in writing when five to 50 percent of the equitable ownership of a business is transferred in a single transaction or in a related series of transactions to one or more persons or any other legal entity.

History: 37-7-201, MCA; IMP, 37-7-201, 37-7-321, MCA; NEW, Eff. 3/21/55; AMD, 1980 MAR p. 126, Eff. 1/18/80; AMD, 1980 MAR p. 970, Eff. 3/14/80; TRANS, from Dept. of Prof. & Occup. Lic., Ch. 274, L. 1981, Eff. 7/1/81; AMD, 1983 MAR p. 344, Eff. 4/29/83; AMD, 2002 MAR p. 178, Eff. 2/1/02; TRANS, from Commerce, 2002 MAR p. 904; AMD, 2007 MAR p. 1936, Eff. 11/22/07.