Section 594-B. 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 or
  registrant. Prior to any change  of  control,  the  person  desirous  of
  acquiring control of the business of a licensee or registrant 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. This information shall include but  not
  be limited to the information and other material required for a licensee
  by subdivision one of section five hundred ninety-one of this article or
  required  for  a  registrant  by subdivision one of section five hundred
  ninety-one-a of this article.
    2. The superintendent shall approve or disapprove the proposed  change
  of control of a licensee or registrant in accordance with the provisions
  of section five hundred ninety-two of this article relating to licensees
  or  section  five  hundred  ninety-two-a  of  this  article  relating to
  registrants.  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   or   registrant.   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 or registrant, whether through the
  ownership  of voting stock of such licensee or registrant, 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 registrant 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 or registrant, but no  person  shall
  be  deemed to control a licensee or registrant solely by reason of being
  an officer or director of such licensee or  registrant  or  person.  The
  superintendent may in his discretion, upon the application of a licensee
  or  registrant 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 or registrant, determine
  whether or not the ownership, control or holding of  such  voting  stock

  constitutes  or  would constitute control of such licensee or registrant
  for purposes of this section.