RS 39:1991: Change in ownership

A change in ownership resulting in less than fifty-one percent ownership shall be reported to the division, and the enterprise shall immediately be decertified. Failure to report shall result in a fine of not less than one thousand dollars, and, if the enterprise continues to operate as a minority-owned business or as a women's business enterprise, failure to report shall result in a fine of not less than five thousand dollars and immediate decertification.