Any change in the form of ownership or the addition or deletion of a partner shall require a new application, license, and fee.

Terms Used In Virginia Code 46.2-1517

  • Board: means the Motor Vehicle Dealer Board. See Virginia Code 46.2-1500
  • 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.
  • Franchise: includes any severable part or parts of a franchise agreement which separately provides for selling and servicing different line-makes of the franchisor. See Virginia Code 46.2-1500

Any addition or deletion of a franchise or change in the name of a dealer shall require immediate notification to the Department and the Board, and the Board shall endorse the change on the license without a fee. The change of an officer or director of a corporation shall be made at the time of license renewal.

1988, c. 865, § 46.1-525.08; 1989, c. 727; 1995, cc. 767, 816.

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