Section 370-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
  subdivisions  one  and  six  of section three hundred sixty-nine 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.