If, during the term of the licensing period, one or more directors,
stockholders or officers of a corporate license are substituted or added,
such substituted or added directors, stockholders or officers shall, within
five days of such substitution or addition, file with the Commissioner an
application for an approval of the change of directors, stockholders or officers
on such forms as are prescribed by the Commissioner. A waiver of this provision
may be granted in the discretion of the Commissioner to any corporation with
regard to stockholders holding less than 10% of the issued stock.
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