§ 38.2-4906. Sale or transfer of ownership or change in management
A. No provider and no person or entity owning a provider shall sell or transfer, directly or indirectly, more than fifty percent of the ownership of the provider or of a continuing care facility without giving the Commission written notice of the intended sale or transfer at least thirty days prior to the consummation of the sale or transfer. A series of sales or transfers to one person or entity, or one or more entities controlled by one person or entity, consummated within a six-month period that constitute, in the aggregate, a sale or transfer of more than fifty percent of the ownership of a provider or of a continuing care facility shall be subject to the foregoing notice provisions.
B. A provider or continuing care facility that shall change its chief executive officer, or its management firm if managed under a contract with a third party, shall promptly notify the Commission and the residents of each such change.
(1985, c. 554, § 38.1-961; 1986, c. 562.)
Sections: Previous 38.2-4900 38.2-4901 38.2-4902 38.2-4903 38.2-4904 38.2-4904.1 38.2-4905 38.2-4906 38.2-4907 38.2-4908 38.2-4909 38.2-4910 38.2-4911 38.2-4912 38.2-4913 NextLast modified: April 3, 2009