§ 1059.3. Authority approval of sale of rights.

 (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 5% 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 5% or more of the issued securities in the entity that holds an ownership interest in a transferrable right.

Authority

   The provisions of this §  1059.3 temporarily amended under 53 Pa.C.S. §  57B02.

Source

   The provisions of this §  1059.3 temporarily amended May 5, 2017, effective February 25, 2017, expire upon promulgation of final-form regulations or on November 5, 2018, whichever is later, as set forth in 53 Pa.C.S. §  57B02(b), 47 Pa.B. 2558. Immediately preceding text appears at serial pages (373581) to (373582).

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