                                 CODE OF VIRGINIA

CHANGE IN OWNERSHIP OF HEALTH CLUB (§ 59.1-308)

For purposes of this chapter, a health club shall be considered a new health
club and subject to the requirements of a bond or letter of credit at the time
the health club changes ownership. Any health club that has more than 50 percent
ownership by the same person or persons 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&#8217;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 10 days prior to the effective date of the change
in ownership.

HISTORY: 1984, c. 738; 1985, c. 585; 1990, cc. 392, 433; 2014, c. 459.