IC 7.1-3-18.5-3.2: Sale or transfer of majority ownership

Sec. 3.2. If the majority of the ownership of a business that is a certificate holder is sold or transferred:

(1) the new ownership of the business must apply for a new certificate under section 2 of this chapter; and

(2) the certificate and the permit number held by the previous ownership of the business are void ninety (90) days after the date of the sale or transfer of the ownership of the business.