An investor acquires 30 percent of the voting shares of a Virginia licensee in 2026 without filing anything. Does the thirty-percent acquisition require a prior change-of-control application?
Correct Answer
B) Out of order: 25 percent or more needs a prior application
Except as the section provides, no person may 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 licensee unless that person first files an application with the Commission and delivers the information the Commissioner requires. Other choices: the licensee continuing is not the point; board representation is not the trigger; and the threshold is 25 percent rather than 10. Source: Va. Code § 6.2-1608(A)
Why This Is the Correct Answer
Except as the section provides, no person may 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 licensee unless that person first files an application with the Commission and delivers the information the Commissioner requires. Other choices: the licensee continuing is not the point; board representation is not the trigger; and the threshold is 25 percent rather than 10. Source: Va. Code § 6.2-1608(A)
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