§ 1027.3. Authority approval of sale of rights.
(a) Sale of transferable rights. The sale of transferable rights without advance approval of the Authority is void by operation of law.
(b) Sale of securities in transferable rights. The sale of securities in an entity that owns transferable rights will be considered a sale under this chapter in either of the following circumstances:
(1) The securities to be transferred equal or exceed 5% of the issued securities in the entity that holds an ownership interest in a transferrable right.
(2) Upon completion of the transfer the buyer will own 5% or more of the issued securities in the entity that holds an ownership interest in a transferrable right.
(c) New certificate number. The Authority may assign a new certificate number to the rights sold to an approved buyer.
The provisions of this § 1027.3 temporarily amended under 53 Pa.C.S. § 57B02.
The provisions of this § 1027.3 temporarily amended May 5, 2017, effective February 25, 2017, expire upon promulgation of final-form regulations or on November 5, 2018, whichever is later, as set forth in 53 Pa.C.S. § 57B02(b), 47 Pa.B. 2558. Immediately preceding text appears at serial pages (373565) to (373566).
No part of the information on this site may be reproduced for profit or sold for profit.
This material has been drawn directly from the official Pennsylvania Code full text database. Due to the limitations of HTML or differences in display capabilities of different browsers, this version may differ slightly from the official printed version.