N.Y. Cannabis Law 128 – Permits, registrations and licenses
§ 128. Permits, registrations and licenses. 1. No permit, registration or license shall be transferable or assignable except that notwithstanding any other provision of law, the permit, registration or license of a sole proprietor converting to corporate form, where such proprietor becomes the sole stockholder and only officer and director of such new corporation, may be transferred to the subject corporation if all requirements of this chapter remain the same with respect to such permit, registration or license as transferred and, further, the registered organization or licensee shall transmit to the board, within ten days of the transfer of license allowable under this subdivision, on a form prescribed by the board, notification of the transfer of such license.
Terms Used In N.Y. Cannabis Law 128
- Contract: A legal written agreement that becomes binding when signed.
- 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.
2. No permit, registration or license shall be pledged or deposited as collateral security for any loan or upon any other condition; and any such pledge or deposit, and any contract providing therefor, shall be void.
3. Permits, registrations and licenses issued under this chapter shall contain, in addition to any further information or material to be prescribed by the rules and regulations of the board, the following information:
(a) name of the person to whom the license is issued;
(b) type of license and what type of cannabis commerce is thereby permitted;
(c) description by street and number, or otherwise, of licensed premises; and
(d) a statement in substance that such license shall not be deemed a property or vested right, and that it may be revoked at any time pursuant to law.