Section 1027.5. Agreement of sale

Latest version.

(a) The parties to a proposed sale of transferable rights shall complete an agreement of sale detailing the terms of the transaction, including provisions required by this chapter, and file the agreement with the Director.
(b) An agreement of sale for transferable rights is void by operation of law if not executed by all parties in the presence of the Director or a designee.
(c) The term of an agreement of sale for transferable rights may not exceed 15 business days from the date of execution, except when executed on the date the application for sale of transferable rights is filed as provided in § 1027.6 (relating to application for sale of transferable rights).

The provisions of this § 1027.5 amended September 12, 2014, effective September 13, 2014, 44 Pa.B. 5867. Immediately preceding text appears at serial page (360462).

Notation

Cross References

This section cited in 52 Pa. Code § 1011.15 (relating to death or incapacitation of a certificate holder or certain persons with controlling interest).

                    
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