A license is not transferable or assignable and control of a licensee may not be acquired through a stock purchase or any other device without the prior written consent of the deputy director. The deputy director shall not give written consent if the deputy director finds that any of the grounds for denial, revocation or suspension of a license as set forth in section 6-982 apply to the acquiring person. For the purpose of this section, "control" means the power to vote more than twenty percent of the outstanding voting shares of a licensed corporation, partnership, association or trust.

Terms Used In Arizona Laws 6-978

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Deputy director: means the deputy director of the financial institutions division of the department. See Arizona Laws 6-101
  • License: means a license issued under this article. See Arizona Laws 6-971
  • Licensee: means a person who is licensed under this article. See Arizona Laws 6-971
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Person: includes a corporation, company, partnership, firm, association or society, as well as a natural person. See Arizona Laws 1-215
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