“Change in control” means a change in the ownership of an institution in which a person who previously did not own at least 25 percent of the stock or interest in the institution or its parent company acquires ownership of at least 25 percent of the stock or interest in the institution or its parent company. “Change in control” does not include an ownership change between family members involving less than 51 percent of the stock or interest in the institution.
Cal. Educ. Code § 94822
Definitions
Known as the California Private Postsecondary Education Act
The act spans §§ 94800–94950 (183 sections).
Added by Stats. 2009, Ch. 310, Sec. 6
Official source: California Legislative Information. Reproduced from public-domain California statutes; confirm against the official source for the current text. Not legal advice.