§ 1075.2.4. SALE OR CHANGE OF OWNERSHIP.

(a) When there is a sale of the Registrant's business or a change of ownership, the Registrant shall notify the Director, who shall remove the Registrant from the online system described in Section 1075.2.2(b).

(b) A sale of the Registrant's business or a change of ownership does not make the Person that is the new owner a Registrant. To act as an Event Promoter, the Person that is the new owner must become a Registrant by complying with Sections 1075.2 and 1075.2.1.

(c) For a Registrant that is a corporation, a change of ownership occurs when (i) a Person who, at the time of the Registrant's submitting information to the Director under Section 1075.2.1, did not own or control more than 50% of the shares of stock in the corporation, acquires or gains control over more than 50% of the shares, or (ii) Persons who, at the time of the Registrant's submitting information to the Director under Section 1075.2.1, did not cumulatively own or control more than 50% of the shares of stock in the corporation, cumulatively acquire or gain control over more than 50% of the shares, provided that each of those Persons has acquired or gained control over at least 10% of those shares.

(d) For a Registrant that is a partnership, a change of ownership occurs when (i) a Person who, at the time of the Registrant's submitting information to the Director under Section 1075.2.1, did not own or control more than 50% of the partnership or its assets, gains ownership or control of more than 50% of the partnership or its assets, or (ii) Persons who, at the time of the Registrant's submitting information to the Director under Section 1075.2.1, did not cumulatively own or control more than 50% of the partnership or its assets, cumulatively gain ownership or control of more than 50% of the partnership or its assets, provided that each of those Persons has gained ownership or control over at least 10% of the partnership or its assets.

(Added by Ord. 315-10, File No. 101190, App. 12/21/2010)