Acquisition of control--Exceptions

The requirements of subdivisions 51A-17-72 (1) and (2) do not apply to any of the following: (1) A person that acts as a proxy for the sole purpose of voting at a designated meeting of the shareholders or holders of voting shares or voting interests of a licensee or a person in control of a licensee; (2) A person that acquires control of a licensee by devise or descent; (3) A person that acquires control of a licensee as a personal representative, custodian, guardian, conservator, or trustee, or as an officer appointed by a court of competent jurisdiction or by operation of law; (4) A person that is exempt under subdivision 51A-17-53 (7); (5) A person that the director determines is not subject to subdivision 51A-17-72 (1) based on the public interest; (6) A public offering of securities of a licensee or a person in control of a licensee; or (7) An internal reorganization of a person in control of the licensee where the ultimate person in control of the licensee remains the same. Source: SL 2024, ch 196 , § 27.