[Code of Federal Regulations] [Title 27, Volume 1] [Revised as of January 1, 2008] From the U.S. Government Printing Office via GPO Access [CITE: 27CFR20.57] [Page 505-506] TITLE 27--ALCOHOL, TOBACCO PRODUCTS AND FIREARMS CHAPTER I--ALCOHOL AND TOBACCO TAX AND TRADE BUREAU, DEPARTMENT OF THE TREASURY PART 20_DISTRIBUTION AND USE OF DENATURED ALCOHOL AND RUM--Table of Contents Subpart D_Qualification of Dealers and Users Sec. 20.57 Automatic termination of permits. (a) Permit not transferable. Permits issued under this part are not transferable. In the event of the lease, sale, or [[Page 506]] other transfer of such a permit. or of the operations authorized by the permit, the permit shall, except as provided for in this section, automatically terminate. (b) Corporations. (1) If actual or legal control of any corporation holding a permit issued under this part changes, directly or indirectly, whether by reason of a change in stock ownership or control (in the permittee corporation or any other corporation), by operation of law, or in any other manner, the permittee shall, within 10 days of the change, give written notice to the appropriate TTB officer. Within 30 days of the change, the permittee shall file an application for a new permit, Form 5150.22 with supporting documents. If an application for a new permit is not filed on Form 5150.22 within 30 days of the change, the outstanding permit will automatically terminate. (2) If an application for a new permit is filed on Form 5150.22 within the 30-day period prescribed in paragraph (b)(1) of this section, the outstanding permit may remain in effect until final action is taken on the application. When final action is taken, the outstanding permit will automatically terminate and shall be forwarded to the appropriate TTB officer. (c) Proprietorships. In the event of a change in proprietorship of a business of a permittee (as for instance, by reasons of incorporation, the withdrawal or taking in of additional partners, or succession by any person who is not a fiduciary), the successor shall file written notice and make application on Form 5150.22 for a new permit, under the same conditions provided for in paragraph (b) of this section. The successor may adopt the formulas and statements of process of the predecessor. (Approved by the Office of Management and Budget under control number 1512-0336) [T.D. ATF-199, 50 FR 9162, Mar. 6, 1985; 50 FR 20099, May 14, 1985]