Section 583-A. Changes in control

1. It shall be unlawful except with the
  prior approval of the superintendent for any action to  be  taken  which
  results  in  a change of control of the business of a licensee. Prior to
  any change of control, the person desirous of acquiring control  of  the
  business   of   a   licensee  shall  make  written  application  to  the
  superintendent and pay an investigation fee as  prescribed  pursuant  to
  section   eighteen-a   of   this  chapter  to  the  superintendent.  The
  application shall contain such information  as  the  superintendent,  by
  rule  or  regulation,  may prescribe as necessary or appropriate for the
  purpose of making the determination required by subdivision two of  this
  section.
    2.  The superintendent shall approve or disapprove the proposed change
  of control of a licensee in accordance with the  provisions  of  section
  five  hundred  eighty-one  of  this  article.  The  superintendent shall
  approve or disapprove the application  in  writing  within  ninety  days
  after the date the application is filed with the superintendent.
    3.  For  a period of six months from the date of qualification thereof
  and for such  additional  period  of  time  as  the  superintendent  may
  prescribe,  in  writing,  the  provisions of subdivisions one and two of
  this section shall not apply to a transfer of control  by  operation  of
  law  to the legal representative, as hereinafter defined, of one who has
  control of a  licensee.  Thereafter,  such  legal  representative  shall
  comply  with the provisions of subdivisions one and two of this section.
  The provisions of subdivisions one and two  of  this  section  shall  be
  applicable  to  an  application  made  under  such  section  by  a legal
  representative.
    The term "legal representative", for the  purposes  of  this  section,
  shall  mean  one  duly appointed by a court of competent jurisdiction to
  act as  executor,  administrator,  trustee,  committee,  conservator  or
  receiver,  including  one  who  succeeds  a legal representative and one
  acting  in  an  ancillary  capacity  thereto  in  accordance  with   the
  provisions of such court appointment.
    4.  As  used  in  this  section:  (a)  the  term  "person" includes an
  individual,  partnership,  corporation,   association   or   any   other
  organization,  and (b) the term "control" means the possession, directly
  or indirectly, of the power to direct or  cause  the  direction  of  the
  management  and policies of a licensee, whether through the ownership of
  voting stock of such licensee, the ownership  of  voting  stock  of  any
  person  which  possesses  such  power  or  otherwise.  Control  shall be
  presumed to exist if any person, directly or indirectly, owns,  controls
  or  holds  with power to vote ten per centum or more of the voting stock
  of any licensee or of any person which  owns,  controls  or  holds  with
  power  to  vote  ten  per  centum  or  more  of  the voting stock of any
  licensee, but no person shall be deemed to control a licensee solely  by
  reason  of  being an officer or director of such licensee or person. The
  superintendent may in his discretion, upon the application of a licensee
  or any person who, directly or indirectly, owns, controls or holds  with
  power  to  vote  or seeks to own, control or hold with power to vote any
  voting stock of such licensee, determine whether or not  the  ownership,
  control  or holding of such voting stock constitutes or would constitute
  control of such licensee for purposes of this section.