(1) A license issued under the authority of this chapter shall become invalid upon: (a) The change of management; (b) Cessation of operations; (c) Change of partners in a partnership; (d) Change of corporate structure of a corporation; (e) Failure to remit license fees or fines; or (f) A sale. (2) A licensee shall immediately notify the department as to any change and shall deliver his license to the department together with a notarized statement setting forth the arrangements made with depositors for final disposition of grain in storage and for fulfilling any current obligations. (3) If there is to be a successor, the successor shall apply for a new license. (4) If there is a change of management or cessation of operations, the department may cause an audit and examination to be made. In these cases , all records required in this chapter shall be available to the department until the department is satisfied that all obligations have been met.
‹ Prev All Kentucky sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.