| (a) A change of ownership is any agreement to transfer
ownership or control of a school. A change of control is presumed
if:
(1) more than 50% of an individual owner's interest
is sold or transferred;
(2) more than 50% of a legal entity's interest is sold
or transferred; or
(3) there is a change in directors, officers, shareholders,
or other governing body that results in significant changes in operations,
management, or key instructors.
(b) A certificate issued under this subchapter may
not be sold or transferred to an individual or legal entity not currently
listed on the application.
(c) Individuals and legal entities currently listed
on a certificate application may purchase, sell, or transfer ownership
or an interest in the certificate, but only to another listed owner.
(d) A sale or transfer of an ownership interest in
a school that does not result in a change of control under subsection
(a) of this section does not require an original application. The
sale or transfer is effective upon submission of:
(1) a change of ownership form;
(2) documents providing evidence of the sale or transfer;
and
(3) payment of the required fee.
(e) A sale or transfer that results in a change of
ownership in a primary seller server school as described in subsection
(a) of this section requires submission of an original application.
(f) The sale or transfer of an ownership interest in
a branch school certificate to an individual or legal entity not currently
the primary school permit holder requires the purchaser to submit
an original application for a primary school certificate.
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