§ 5.03 Definitions.
RCNY § 5.03
When used in this Code: (a) Arm's length transaction means a sale of a business for consideration that reflects the fair market value of such business or its assets, between two informed and willing parties, that is not made, wholly or in part, for the purpose of enabling the seller to avoid liability for violations issued by the Department. A sale shall be presumed not to be an arm's length transaction if it is (1) A sale to an individual, or to a corporation or other business that is owned by the spouse, domestic partner, parent, grandparent, child or stepchild of any of any of the sellers, or is the direct descendent of a grandparent, the spouse or domestic partner of any of the sellers; (2) A sale to an individual or entity that has a business or financial interest in the seller; or (3) A sale to an entity in which any of the sellers has a business or financial relationship.
(b)Permit means a written license and authorization to carry on specified activities as regulated by this Code or other applicable law enforced by the Department, and includes a registration required by this Code or other applicable law.
(c)Permittee means a natural person or other entity who holds a valid permit issued by the Board or Commissioner pursuant to this Code or other applicable law enforced by the Department.
