2002-02-20 CC Packet - Laserfiche WebLink

Home Browse Search

and the stockholders who hold ten percent (10%) or more of the stock of the corporation, directors, officers and managers of such corporation shall be investigated and reported upon by the police license inspector. Whenever the record of equitable ownership of stock of any such corporation is transferred, sold, pledged or otherwise assigned to new or different stockholders or whenever new or different directors, officers or managers are elected or appointed by any corporation holding a license as herein defined, such changes shall require the filing of an application for license in the manner provided by this chapter, except this provision shall not apply where the corporation's stock is publicly traded on a stock exchange. (b) Failure to report any changes in stockholders, officers or managers shall be grounds for the revocation of all licenses held by the corporation. Every corporation licensed under the provisions of this section shall adopt and maintain in its bylaws a provision that no transfer of stock is valid or effective unless approved by the City Council and shall require that all of its certificates of stock shall have printed on the face thereof: The transfer of this stock certificate is invalid unless approved by the City Council of Circle Pines, Minnesota, and failure to comply with this provision shall be grounds for the revocation of all licenses held by the corporation. The provisions of this section shall not apply to the issuance of any license to a corporation whose stock is traded on a public stock exchange. Subd. 10 Renewal Application Form. In the case of renewal of an existing license, application may be made in such abbreviated form as the City may approve. Chapter 4 9 + . '.