The Marijuana Control Board has amended its regulations regarding Director of Corporation as follows:

3 AAC 306.015(b)(4) is amended to read:

  (4) a corporation unless the corporation is incorporated or qualified to do business in the state and each corporate officer, director, and shareholder is a resident of the state.

3 AAC 306.040 is repealed and readopted to read:

3 AAC 306.040. Ownership change. (a) An application for an ownership change shall be submitted on a form prescribed by the board.

(b) If any change required to be submitted under this section will result in a change in controlling interest of the marijuana establishment license, the marijuana establishment must file an application for transfer of license to another person under 3 AAC 306.045.

(c) An individual identified in this section shall submit the individual’s fingerprints and the fees required by the Department of Public Safety under AS 12.62.160 for criminal justice information. The director shall follow the procedure set out in 3 AAC 306.055(b) for submitting the fingerprints of any individual added under this section.

(d)  An individual identified in this section shall be a resident of the state as required under 3 AAC 306.015(b) and 3 AAC 306.015(e)(2).

(e) The director shall approve an ownership change application when any new owner

  (1)  is not disqualified under 3 AAC 306.010(d), 3 AAC 306.015(b), 3 AAC 306.300(b), 3 AAC        306.400(c),  3 AAC 306.500(c), or 3 AAC 306.605(c); and

  (2)  is a resident of the state.

(f) In this section, "ownership change" means

  (1) if the licensee is a partnership, including a limited partnership, any change in the identity of the partners, or in the ownership percentages held by any partners;

  (2) if the licensee is a limited liability company, any change in the identity of the members or managers, or in the ownership percentage held by any member; or