 |
Oklahoma Administrative Code (Last Updated: March 11, 2021) |
 |
TITLE 5. Oklahoma Abstractors Board |
|
Chapter 11. Administration of Abstractors Act |
|
Subchapter 3. Abstract Licenses, Certificates of Authority, and Permits |
SECTION 5:11-3-10. Report of change of controlling interest
Latest version.
- (a) The holder of a certificate of authority or a permit shall report a change of controlling interest to the Board within 10 days after the change of control becomes effective, unless such time period is extended upon request to the Board. Such report shall include:(1) the number of shares or percentage interest sold and by whom and(2) the number of shares or percentage interest purchased and by whom.(b) As used in this section, the term 'controlling interest' means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policy of the holder of a certificate of authority or permit as represented by an ownership interest. A change in ownership of 40% or more of the voting stock, entity interest, or individual interest of a holder of a certificate of authority or permit shall be reported as a change of controlling interest to the Board.