New York Codes, Rules and Regulations
Title 10 - DEPARTMENT OF HEALTH
Chapter VII - Life Care Communities
Part 901 - Organization And Administration
Section 901.13 - Transfers of interest by sole proprietors or general partners
Current through Register Vol. 46, No. 12, March 20, 2024
(a) Any change in the sole proprietor who or general partners of a partnership which is the operator of a life care community must receive the prior approval of the Life Care Community Council. In the event such change is occasioned by the death of an operator, the department shall be notified immediately and application shall be made for approval of such change within 30 days of such death. A sole proprietor or partnership seeking the council's approval for the transfer of all or part of the ownership of the business shall file, in addition to meeting the other applicable requirements of this Part, the applicable information, documents and data as follows:
(b) Any transfer pursuant to this section shall be completed within 90 days of the issuance by the Life Care Community Council of its approval for such transfer unless extended by the commissioner, and the council shall be notified of the transfer within 10 days after its completion. Any request for an extension of time shall set forth the reasons why such transfer could not be completed within the prescribed time. Failure to complete a transfer within the time prescribed or as extended by the council or failure to notify the council within the time prescribed shall constitute an abandonment and withdrawal of the application and any council approval.