KRS 251.500: Changes that make license issued under this chapter invalid -- Duties of

licensee when change occurs -- Audit and examination authorized -- Changes

that invalidate licenses issued under this chapter.

(1) A license issued under the authority of this chapter shall become invalid upon:

(a) The change of management;

(b) Cessation of operations;

(c) Change of partners in a partnership;

(d) Change of corporate structure of a corporation;

(e) Failure to remit license fees or fines; or

(f) A sale.

(2) A licensee shall immediately notify the department as to any change and shall

deliver his license to the department together with a notarized statement setting

forth the arrangements made with depositors for final disposition of grain in storage

and for fulfilling any current obligations.

(3) If there is to be a successor, the successor shall apply for a new license.

(4) If there is a change of management or cessation of operations, the department may

cause an audit and examination to be made. In these cases , all records required in

this chapter shall be available to the department until the department is satisfied that

all obligations have been met.