Section 1059.3. Authority approval of sale of rights

Latest version.

(a) Sale of transferable rights. The sale of transferable rights without advance approval of the Authority is void by operation of law.

(b) Sale of securities in transferable rights. The sale of securities in an entity that owns transferable rights will be considered a sale under this chapter in either of the following circumstances:
(1) The securities to be transferred equal or exceed 2% of the issued securities in the entity that holds an ownership interest in a transferrable right.
(2) Upon completion of the transfer the buyer will own 2% or more of the issued securities in the entity that holds an ownership interest in a transferrable right.

                    
                        var val = document.getElementById('citecontent').innerHTML;
                        art.dialog.defaults.title = window.location.href;
                        art.dialog.data('cite', val);
                        art.dialog.data('homeDemoPath', '/Scripts/plus/artDialog/');
                        art.dialog.open('/Scripts/plus/artDialog/citeiframe.html');