ARM 24.174.804. CHANGE IN OWNERSHIP

(1) When a pharmacy, or other facility licensed by the board, changes ownership, a new license must be obtained by the new owner or owners. The owner shall submit a new license application at least 30 days prior to the change in ownership. The application must be reviewed by the board or its designee before the license may be issued. The original license will expire at the time of license renewal unless the board is notified of an alternative closure date. (2) A change in ownership for the purposes of this rule shall be deemed to occur when more than 50 percent of the equitable ownership of a business is transferred in a single transaction or in a related series of transactions to one or more persons or any other legal entity. (3) A change due to corporate restructuring or business structure for legal or tax purposes does not constitute an ownership change unless the provisions of (2) are met. The licensee shall notify the board of the change but a new application and license are not required. (4) The board must be notified in writing when five to 50 percent of the equitable ownership of a facility business license is transferred in a single transaction or in a related series of transactions to one or more persons or any other legal entity.