Sec. 406. Each license is exclusive to the licensee, and a licensee or any other person must
apply for and receive the board's approval before a license is transferred, sold,
or purchased. The attempted transfer, sale, or other conveyance of an interest in a license without
prior board approval is grounds for suspension or revocation of the license or for
other sanction considered appropriate by the board, but only if the transfer, sale, or other conveyance would result in the transferee
meeting the definition of applicant.
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