Ill. Admin. Code tit. 68, § 1510.90 - Change of Ownership of a Wholesale Drug Distributor
a) When the address or name of a facility is
changed, the licensee shall be required to apply for a new license and pay a
$100 fee. If the facility is relocated, the facility shall pass an inspection,
meeting all requirements of the Act and this Section.
b) A new wholesale drug distributor
application must be filed whenever:
1) The
address or name of a facility is changed;
2) 50% or more of the ownership of the
business, other than a publicly traded business, to which the wholesale drug
distributor license was issued is sold or otherwise transferred to a person or
entity that does not hold any interest in the business issued the wholesale
drug distributor license prior to the sale or transfer; or
3) A change occurs in more than half the
board of directors or executive officers of a business issued a wholesale drug
distributor license.
c)
Any change of ownership or change in location requires an inspection.
d) Conversion of a business entity to a
different type of business entity is considered a change of
ownership.
e) Any change of
ownership of a parent company that owns a wholesale drug distributor shall not
be considered a change of ownership of the wholesale drug
distributor.
f) Any change in
information required by the Department shall be submitted to the Department 60
days prior to that change, except for changes in information of nonresident
licensees. A nonresident licensee shall submit any change in information
required by the Department within 30 days after a change of the resident state
license.
Notes
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