(a)
- (1) A retailer license is not transferable and shall not be sold, given, or assigned to any person.
- (2) In the event of the proven incapacity, death, receivership, bankruptcy, or assignment for benefit of creditors of any retailer, upon approval of the Director of the Office of the Arkansas Lottery, the license may be transferred to a court-appointed or court-confirmed guardian, executor or administrator, receiver, trustee, or assignee for the benefit of creditors, who may continue to operate the activity under the license, subject to the provisions of this part.
- (b) The person to whom a license is transferred hereunder must be otherwise qualified to hold a license.
- (c) The license following transfer shall be void upon that person ceasing to hold such a court-appointed or court-confirmed position.
- (d) The director may condition the transfer of any license under this section upon the posting of a bond or cash in lieu of a bond in such terms and conditions as the director may require.