                                 CODE OF VIRGINIA

TRANSFER OR ASSIGNMENT OF LICENSE (§ 62.1-96)

No voluntary transfer or assignment of any license granted under this chapter
shall be made to any transferee or assignee unless he be financially able to
carry out the project or development, nor shall any such voluntary transfer or
assignment be valid or of any effect whatsoever unless the same shall be in
writing and a copy thereof be filed with, and approved by, the Commission,
provided that any mortgage or trust deed, or foreclosure under any mortgage or
deed of trust, or any judicial or tax sale, merger or consolidation, or any sale
of the greater part of the property of the licensee in the Commonwealth, shall
not be deemed a voluntary transfer within the meaning of this chapter. Any
successor or assignee of the rights of the licensee, whether by voluntary
transfer, judicial sale, foreclosure sale or otherwise, shall be subject to all
of the obligations, liabilities and conditions incident to such license to the
same extent as though such successor or assignee were the original licensee.

HISTORY: Code 1950, § 62-85; 1968, c. 659.