Regulations: Regulation Five



Regulation Five:
Covers changes in dealership

Rule 5.1  Name Change. Whenever a licensee of the Commission changes the name under which license was issued, the licensee shall provide written notice of the name change to the Commission prior to the effective date of the name change, and the Commission shall make the appropriate notations in its records.
Source: Miss. Code Ann. § 63-17-69 (Rev.1983).

Rule 5.2  Corporate Ownership Change. Any change in stock ownership in a corporate licensee of the Commission shall be reported to the Commission, in writing, within five (5) days of the manufacturer’s approval of the change. If the change is stock ownership involves a person or entity that was not among the principals in the initial application, or in any application on file with the Commission, the Commission may require information regarding the financial standing and business integrity of the new stock owner.
Source: Miss. Code Ann. § 63-17-69 (Rev.1983).