CODE OF VIRGINIA

SALE OR TRANSFER OF OWNERSHIP OR CHANGE IN MANAGEMENT (§ 38.2-4924)

A. No provider and no person or entity owning a provider shall sell or transfer,
directly or indirectly, more than 50 percent of the ownership of the provider or
of a continuing care facility or community-based continuing care without giving
the Commission written notice of the intended sale or transfer at least 30 days
prior to the consummation of the sale or transfer. A series of sales or
transfers to one person or entity, or one or more entities controlled by one
person or entity, consummated within a six-month period that constitute, in the
aggregate, a sale or transfer of more than 50 percent of the ownership of a
provider or of a continuing care facility or community-based continuing care
shall be subject to the foregoing notice provisions.

B. A provider of community-based continuing care or of a continuing care
facility that shall change its chief executive officer, or its management firm
if managed under a contract with a third party, shall promptly notify the
Commission and the residents or participants of each such change.

HISTORY: 2012, cc. 208, 303.