Haw. Code R. § 16-99-54 - Changes in school's owners
(a) Any change in
the ownership status of a school shall be approved by the commission.
(b) A change in partners shall be deemed a
change in ownership. Any change in ownership of fifty per cent or more of a
corporation's outstanding capital stock or any change in ownership of any
number of shares of stock which results in the transferee thereof becoming the
owner of fifty per cent or more of the outstanding capital stock, shall be
deemed a change in ownership.
(c)
The new owner shall submit written evidence to the commission that, as of the
effective date of the change in ownership, the new owner shall:
(1) Assume liability for all or substantially
all of the school's outstanding debts incurred as a direct result of the
school's educational activities; and
(2) Honor all student contracts that were
signed or approved by the school's authorities before the effective date of the
change in ownership.
Notes
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