§437-27  Change of status, notice.  If the status of any licensee changes during the period for which the license is issued because of:

     (1)  Changes in officers, directors, or limited partners of the licensee or termination of the employment of any licensed salesperson;

     (2)  The transfer of more than ten per cent of the ownership of the licensee to one person;

     (3)  The termination of a licensed premises by a dealer or auction or the acquiring or termination of a franchise; or

     (4)  The assignment of any part of the licensee's assets for the benefit of creditors;

the licensee shall within fifteen days thereafter file with the board notice of such change containing such information as may be required by the board; provided that nothing contained in this section shall limit the power of the board to suspend, revoke, or deny the renewal of such license or impose any other penalty authorized by this chapter.  A manufacturer or distributor shall give written notice to the board pursuant to section 437-58, of its intent to terminate, discontinue, cancel, or fail to renew a franchise agreement. [L 1939, c 258, §8; RL 1945, §7372; am L 1951, c 90, pt of §1; RL 1955, §160-172; am L 1957, c 302, §1(19); am L 1961, c 59, §1(14); HRS §437-27; am L 1969, c 263, §1(15); gen ch 1993; am L 1996, c 264, §9; am L 2010, c 164, §5]