§ 59.1-308. Change in ownership of health spa
For purposes of this chapter, a health spa shall be considered a new health spa and subject to the requirements of a bond or letter of credit at the time the health spa changes ownership. Any health spa which has more than fifty percent ownership by the same stockholder(s) and/or partner(s) shall be considered as owned by the same owner. A change in ownership shall not release, cancel or terminate liability under any bond or letter of credit previously filed unless the Commissioner agrees in writing to such release, cancellation or termination because the new owner has filed a new bond or letter of credit for the benefit of the previous owner's members or because the former owner has refunded all unearned payments to its members. Every change in ownership shall be reported in writing to the Commissioner at least ten days prior to the effective date of the change in ownership.
(1984, c. 738; 1985, c. 585; 1990, cc. 392, 433.)
Sections: Previous 59.1-298 59.1-299 59.1-300 59.1-301 59.1-302 59.1-303 59.1-304 59.1-305 59.1-306 59.1-307 59.1-308 59.1-308.1 59.1-308.2 59.1-309 59.1-310 NextLast modified: April 3, 2009