51A-17-78. 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.