§ 2-418 Termination of License Upon Change of Beneficial Ownership.
RCNY § 2-418
(a)A pedicab business license shall be voided upon any person or organization becoming the beneficial owner of the licensed business entity if such person or organization did not previously hold an interest, unless prior written approval from the Commissioner is obtained to authorize such change.
(b)If the Department determines there is reason to conclude that a license is void because a person or organization has become the beneficial owner of the licensed business entity if such person or organization did not previously hold an interest in the business entity to which the license was issued, without receipt of the requisite authorization from the Commissioner, the Department will provide written notice to the licensee. Within ten business days of the date of such written notice, the licensee has the opportunity to be heard by submitting to the Department a written response objecting to the Department's determination and providing written documentation that there has been no such change in the beneficial ownership in the business entity to which the license was issued.
(c)If the licensee fails to submit such response and documentation within such period, the Commissioner's determination that the license is void shall be final.
(d)Upon receipt of the licensee's written objection and submission of the documentation described above, the Commissioner shall make a determination whether there has been a change in the beneficial ownership as specified in subdivision (a) of this section in such business entity without having received authorization from the Commissioner. The Commissioner's determination that the license is void because of such change shall then be final.
(e)The voiding of a pedicab business license because of such change in the beneficial ownership in the business entity holding such license shall be effective as of the date of the unauthorized change in the beneficial ownership in the business entity. Such voiding also invalidates all the pedicab registration plates issued to such licensee, and such licensee shall, within five business days of the voiding of the pedicab business license, surrender each such plate to the Commissioner.
