1. (a)

   1. (1) Upon a change of ownership of a pharmacy as set out herein, a new permit shall be secured by the new owner or owners.
   2. (2) The new owner or owners can continue operation of the pharmacy for fourteen (14) days after the effective date of the change of ownership.

   3. (3) After the said fourteen-day period:

      1. (A) The permit issued to the prior owner shall be void; and
      2. (B) Same shall be surrendered to the Executive Director of the Arkansas State Board of Pharmacy.

2. (b) A change of ownership of a pharmacy occurs under, but is not limited to, the following circumstances:

   1. (1) A change of ownership of a pharmacy owned by a sole proprietor is deemed to have occurred when:

      1. (A) The pharmacy is sold and the sale becomes final or the new owner assumes control of the pharmacy, whichever occurs first; and
      2. (B) The proprietor enters into a partnership with another individual or business entity;

   2. (2) A change of ownership of a pharmacy owned by a partnership is deemed to have occurred when:

      1. (A) There is an addition or deletion of one (1) or more partners in a partnership to which a pharmacy license has been issued; and
      2. (B) The pharmacy is sold and the sale becomes final or the new owner assumes control of the pharmacy, whichever occurs first;

   3. (3) A change of ownership of a pharmacy owned by a corporation is deemed to have occurred when:

      1. (A)

3. (i) An individual or business acquires or disposes of twenty percent (20%) or more of the corporation’s outstanding shares of voting stock.

   1. (ii) This shall not apply to any corporation the voting stock of which is actively traded on any securities exchange or in any over-the-counter market;

      1. (B)

         1. (i) The corporation merges with another business or corporation.
         2. (ii) The corporation owning the pharmacy is required to notify the Arkansas State Board of Pharmacy if a change of ownership or merger occurs within the parent corporation of the corporation that owns the pharmacy;
      2. (C) The corporation’s charter expires or is forfeited; or
      3. (D) The pharmacy is sold and the sale becomes final or the new owner assumes control of the pharmacy, whichever occurs first; and

   2. (4) A change of ownership of a pharmacy is deemed to have occurred when the pharmacy is leased by another individual or entity that is wholly responsible for the operation of the pharmacy under the terms of the lease agreement.

      1. (c) The responsibility to ensure compliance with this part rests both with the pharmacist and with the pharmacy permit holder if they are not the same.

Codification Notes: This section as promulgated prior to codification into the Code of Arkansas Rules provided as follows: “(10/09/80, Revised 2/17/82, 6/13/85, 2/10/87, 4/07/89, 6/20/91, 6/23/96, and 11/6/2008)"