                                 CODE OF VIRGINIA

ACQUISITION OF CONTROL; APPLICATION (§ 6.2-2208)

A. Except as provided in this section, no person shall acquire, directly or
indirectly, 25 percent or more of the voting shares of a corporation or 25
percent or more of the ownership of any other person licensed to conduct
business under this chapter unless such person first:

   1. Files an application with the Commission in such form as the Commissioner
   may prescribe from time to time;

   2. Delivers such other information to the Commissioner as the Commissioner may
   require concerning the financial responsibility, background, experience, and
   activities of the applicant, its directors, senior officers, principals, and
   members and of any proposed new directors, senior officers, principals, or
   members of the licensee; and

   3. Pays such application fee as the Commission may prescribe.

B. Upon the filing and investigation of an application, the Commission shall
permit the applicant to acquire the interest in the licensee if it finds that
the applicant, its members if applicable, its directors, senior officers,
trustees, and principals and any proposed new directors, members, senior
officers, trustees, and principals have the financial responsibility, character,
reputation, experience, and general fitness to warrant belief that the business
will be operated efficiently and fairly, in the public interest, and in
accordance with law. The Commission shall grant or deny the application within
60 days from the date a completed application accompanied by the required fee is
filed unless the period is extended by order of the Commissioner reciting the
reasons for the extension. If the application is denied, the Commission shall
notify the applicant of the denial and the reasons for the denial.

C. The provisions of this section shall not apply to (i) the acquisition of an
interest in a licensee, directly or indirectly, including an acquisition by
merger or consolidation by or with a person licensed under this chapter; (ii)
the acquisition of an interest in a licensee, directly or indirectly, by merger
or consolidation by or with a person affiliated through common ownership with
the licensee; or (iii) the acquisition of an interest in a licensee by bequest,
descent, survivorship, or operation of law. The person acquiring an interest in
a licensee in a transaction that is exempt from filing an application by this
subsection shall send written notice to the Commissioner of such acquisition
within 30 days of its closing.

HISTORY: 2010, c. 477, § 6.1-488.