251.500 Changes that make license issued under this chapter invalid -- Duties of licensee when change occurs -- Audit and examination authorized -- Changes that invalidate licenses issued under this chapter. (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 ful filling 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. e 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. Effective: August 1, 2019 History: Amended 2019 Ky. Acts ch. 88, sec. 20, effective August 1, 2019. -- Amended 2005 Ky. Acts ch. 125, sec. 4, effective June 20, 2005. -- Amended 1972 Ky. Acts ch. 347, sec. 7. -- Created 1970 Ky. Acts ch. 252, sec. 10.
Kentucky Legal Code