New York Codes, Rules and Regulations
Title 9 - EXECUTIVE DEPARTMENT
Subtitle B - Division of Alcoholic Beverage Control
Chapter II - Rules of the Office of Cannabis Management
Part 124 - General Business Requirements and Prohibitions
Section 124.6 - Subsidiaries
Universal Citation: 9 NY Comp Codes Rules and Regs ยง 124.6
Current through Register Vol. 46, No. 39, September 25, 2024
(a) Any subsidiary of an applicant or a licensee or of a subsidiary of an applicant or licensee shall:
(1) be a wholly owned subsidiary where
total control is held by and 100% of the shares are owned by the
licensee;
(2) transfer or accrue to
the licensee the following:
(i)
communications from the Office;
(ii) enforcement proceedings;
(iii) information related to compliance with
the rules and regulations of the license; and
(iv) any requirement, obligations, or
liabilities to the license imposed under this Part or at the request of the
Office or Board.
(3) be
named and identifiable as subsidiary to the licensee according to a naming
convention that includes but is not limited to:
(i) The legal name of the licensee,
notwithstanding the corporate formation of the licensee or
subsidiary;
(ii) A number
indicating the sequential order in which it was created; and
(iii) The term subsidiary or
sub.
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