Change of Ownership FMS 4100 by gp4uG1n

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									                                                        Change of Ownership Application

                                                                       Part A. Guidelines

Is this the right form?

You should use this form if you are selling or buying, through a share purchase, a
registered or accredited institution. Parts of the form must be completed by the current
(old) school owner and parts of the form must be completed by the proposed new
owner. The current school owner is responsible for ensuring all required information
listed below is received from the proposed new owner.

It is important to note that if the legal ownership of the institution changes as a result
an “assets-only purchase” the Agency will require the proposed new owner to also
submit a full new Registration Application along with all applicable fees and
attachments.

Do not use these forms if you are conducting a transfer or purchase of assets only. In
the case of an asset purchase, a new PCTIA application for registration is required.

I am thinking of selling my school. What should I do?

You must notify the Agency of your intention to sell by completing a Change of
Ownership Application and submitting it to the Agency along with all required
attachments.

              Registered Institutions must give 30 days notice
              Accredited Institutions must give 60 days notice

Do I need to tell the proposed owner anything about my school?

Yes, you should fully disclose the school’s status with PCTIA and advise of any
outstanding conditions of registration and/or accreditation.

I am thinking of buying a school. What should I do?

You should gather as much information about the school as possible to make sure you
are an informed buyer.

You should also read the Private Career Training Institutions Act, and the supporting
Regulations and Bylaws. The documents are available for download on the Agency’s
website at http://www.pctia.bc.ca.



FMS-4100                                 Page 1 of 13                               2012.04.19
                                                       Change of Ownership Application

                                                                     Part A. Guidelines

In order to fully understand the PCTIA bylaws and requirements, we also strongly
recommend that you attend a Registration (or Accreditation) Workshop as soon as you
have completed the purchase. What will the Agency do when it gets my Change of
Ownership application?

The Agency will undertake a review of the institution’s history with respect to
compliance, suspensions, conditions, payment of fees and contributions to the Student
Training Completion Fund.

If I already own another school, will the school I’m buying be given the same rating as
my other school?

If, at the time of the purchase, the proposed new owner already has a PCTIA history of
successfully operating another institution and if the proposed new owner’s other
institution has been in good standing with the Agency for a period of at least two years,
the proposed new owner may submit a request to the Registrar that the newly
purchased institution be given the same class rating as the proposed owner’s other
institution.

How do I fill out the forms?

You should provide the following information on your application by completing Part B
through Part G of the enclosed forms as applicable. Items in italics must be completed
by the current owner; items underlined must be completed by the proposed new owner:

Institution Information:

Provide the institution’s operating name as currently registered with PCTIA. The
number of students should include all students with current enrollment contracts as
well as any students who have paid a deposit or who have pre-paid tuition.

Proposed New Owner Personal Information:

The information provided here should be the proposed new owner’s personal
residential contact information. Office addresses and post office box addresses cannot
be accepted.

Use the separate Proposed Owner(s) Personal Information page if necessary to ensure
that personal information for all proposed owners is submitted.

FMS-4100                                Page 2 of 13                             2012.04.19
                                                       Change of Ownership Application

                                                                     Part A. Guidelines


Proposed Ownership Institution Contact Information:

The information in this section is to provide PCTIA with the following contact
information:
 The Official Institution Contact is the person to whom most official Agency
    correspondence will be addressed. This is also the person who will be contacted
    when the Agency has a question or receives a student complaint about the
    institution.
 The Registered Voter is usually an owner of the school. Each institution gets one
    vote during PCTIA Board elections and this is the person to whom the ballot and
    other election information will be sent.
 The Web User is the person authorized to access the institution’s PCTIA account.
    This person will be responsible for entering monthly fee assessment information and
    the Annual Enrolment Report.

Proposed Ownership Institution Operation Information:

Provide all of the information requested in this section and attach letters of explanation
and/or resumes when necessary to ensure that the Agency has a clear picture of who
the proposed new owner is and the changes you plan to make to the operation of this
institution.

Part C: Declaration of Current Owner

This page should be signed by all current owners of the Institution. If necessary, use
extra copies of this page to ensure that all owners sign the declaration.

Part D: Declaration of Proposed Owner

This page should be signed by all proposed owners of the Institution. If necessary, use
extra copies of this page to ensure that all owners sign the declaration.

Part E: Proposed Owner Personal Information.

This page should be completed if there is not sufficient room for this information within
the main Change of Ownership Application Form.

Part F: Student Notification of Sale

FMS-4100                                Page 3 of 13                              2012.04.19
                                                       Change of Ownership Application

                                                                     Part A. Guidelines


If there are any students still completing a program, the current owner must this form
as indicated and submit a copy of the completed form with your application. The
original form should be posted at the institution.

Part G: Change of Ownership Application Checklist

Use this checklist to ensure that all necessary forms and attachments are included in the
application you submit. Incomplete applications cannot be processed.




FMS-4100                                Page 4 of 13                            2012.04.19
                                                                          Change of Ownership Application


                                                                                       Part B. Application Form

                              INSTITUTION INFORMATION (Share Purchase Only)


Institution Name                                                                           Institution Number


Number of Students Currently Enrolled                                         Proposed Date of Ownership Change



                            PROPOSED NEW OWNER(S) PERSONAL INFORMATION

Please provide all of the following information for each proposed new owner:


Proposed Owner Name

Residential Street Address

Home Telephone                                                         Alternative Telephone

Email Address                                                          Fax Number


Proposed Owner Name

Residential Street Address

Home Telephone                                                         Alternative Telephone

Email Address                                                          Fax Number

* For additional owners please continue using Part E of this forms package.

                      PROPOSED OWNERSHIP INSTITUTION CONTACT INFORMATION
Official Institution PCTIA Contact: (This is the person who the Agency will contact for official matters.)


Contact Name

Telephone                                                              Alternative Telephone

Email Address                                                          Fax Number




FMS-4100                                                   Page 5 of 13                                         2012.04.19
Registered Voter: (This is the person authorized to vote in the election of PCTIA Board Members.)

            Same as Official Institution Contact or:


Name

Telephone                                                        Alternative Telephone

Email Address                                                    Fax Number


Web User: (This is the person who will file the monthly fee payment calculations and the Annual Enrolment Report
on line.)

            Same as Official Institution Contact or:


Name

Email Address

                    PROPOSED OWNERSHIP INSTITUTION OPERATION INFORMATION

Ownership Type:                     Sole Proprietorship                          Corporation
                                    Partnership                                  Society

                                    Limited Company

Will there be a change in the Institution’s fiscal year end?                                   Yes      No

            If Yes, what is the date of the new fiscal year end?

Do you plan to make any changes in the senior administration of the                     Yes      No
institution?
          If Yes, please provide a resume for the new senior administrator and explain how the new
          administrator is qualified to manage a private career training institution.

Do you plan to make any changes in the senior educational administrator of                 Yes       No
the institution?
          If Yes, please provide a resume for the new senior educational administrator and explain how the
          new senior educational administrator is qualified to supervise the delivery of instruction for a
          private career training institution.

Do you plan to change the operating name of the institution?                          Yes        No
        If Yes, please submit a Change of Operating Name Application including all required attachments
        and fees.

Have any of the Proposed Owners or Officers ever been involved in the                          Yes      No
closure of a private career training institution or in the bankruptcy of any
business?
         If Yes, please provide a letter of explanation.




FMS-4100                                               Page 6 of 13                                   2012.04.19
                                   PCTIA OFFICE USE ONLY

                         Item                              Date and Initial

       STCF payments are current                                  /

       Monthly Assessment payments are current                    /

       Database search for prior ownership                        /

       Application form is complete                               /

       All required attachments included                          /

       Financial capacity approved by accountant                  /

       Senior Administrator qualifications reviewed               /

       Sr. Educational Admin qualifications reviewed              /

       Application reviewed by IO/AR                              /

       Application approved by Registrar                          /

       Database Entry Completed                                   /




FMS-4100                                   Page 7 of 13                  2012.04.19
                                                            Change of Ownership Application


                                                        Part C. Current Owner Declaration


                                          DECLARATION

By signing this document, the current owner(s) of the institution confirm(s) that he/she has
made full disclosure of the institution’s current status of registration/accreditation with the
Agency and had disclosed any outstanding conditions of registration/ accreditation to the
proposed new owner(s).


Printed Name of Current Owner                                       Current Owner Title


Signature of Current Owner                                          Date Signed




Printed Name of Current Owner                                       Current Owner Title


Signature of Current Owner                                          Date Signed




Printed Name of Current Owner                                       Current Owner Title


Signature of Current Owner                                          Date Signed




Printed Name of Current Owner                                       Current Owner Title


Signature of Current Owner                                          Date Signed


Printed Name of Current Owner                                       Current Owner Title


Signature of Current Owner                                          Date Signed




FMS-4100                                     Page 8 of 13                                  2012.04.19
                                                              Change of Ownership Application


                                               Part D. Proposed New Owner Declaration

                                             DECLARATION

By signing this document, the proposed new owner(s) of the institution confirm(s) that he/she:
 Has read the current version of the Basic Education Standards Report (or Annual Accreditation Report
     for accredited institutions) provided by the current owner(s) and agrees to adhere to the standards
     reflected in that report.
 Understands that any proposed changes to the Basic Education Standards (and Quality Standards for
     accredited institutions) of the institution must be submitted to the Agency as a part of this
     application.
 Has read the Private Career Training Institutions Act and its supporting Regulations and Bylaws and
     confirms that he/she will adhere to the standards reflected therein.
 Will honour all current student contracts with the institution and any unsigned contract for students
     who have prepaid any fees in anticipation of a contract being signed.
 Understands that a full review of the institution will be undertaken within the first year of the change
     of ownership to ensure that registration / accreditation requirements are being met.


Printed Name of Proposed Owner                                          Proposed Owner Title


Signature of Proposed Owner                                             Date Signed


Printed Name of Proposed Owner                                          Proposed Owner Title


Signature of Proposed Owner                                             Date Signed


Printed Name of Proposed Owner                                          Proposed Owner Title


Signature of Proposed Owner                                             Date Signed


Printed Name of Proposed Owner                                          Proposed Owner Title


Signature of Proposed Owner                                             Date Signed


Printed Name of Proposed Owner                                          Proposed Owner Title


Signature of Proposed Owner                                             Date Signed



FMS-4100                                       Page 9 of 13                                     2012.04.19
                                                              Change of Ownership Application


                                      Part E. Proposed Owner(s) Personal Information

                             PROPOSED OWNER(S) PERSONAL INFORMATION

Please provide all of the following information for each proposed owner.


Proposed Owner Name

Residential street address

Home Telephone                                          Alternative Telephone

Email Address                                           Fax Number


Proposed Owner Name

Residential street address

Home Telephone                                          Alternative Telephone

Email Address                                           Fax Number


Proposed Owner Name

Residential street address

Home Telephone                                          Alternative Telephone

Email Address                                           Fax Number


Proposed Owner Name

Residential street address

Home Telephone                                          Alternative Telephone

Email Address                                           Fax Number




FMS-4100                                      Page 10 of 13                           2012.04.19
[Insert Institution Logo]
                                                      Part F. Student Notification of Sale

                              IMPORTANT NOTICE FOR STUDENTS



[Name of Current Owner] is selling [Name of Institution] to [Name of Proposed Owner].



The sale of [Name of Institution] is scheduled to take place on [proposed sale date].



As a part of the sale, [Name of Proposed Owner] has agreed to honour all current student

enrolment contracts and to deliver the programs of study currently offered by [Name of

Institution] in substantially the same way that they are currently delivered by [Name of Current

Owner].



If you have questions about how the sale of [Name of Institution] may affect you, please contact

[Name of School Contact] at [contact information].



                                                                        [Name of Current Owner]
                                                                                          Owner
                                                                            [Name of Institution]




FMS-4100                                   Page 11 of 13                                2012.04.19
                                                               Change of Ownership Application


                                                                                     Part G. Checklist

The following items must be submitted to the Agency before a Change of Ownership of a PCTIA
registered (or accredited) institution can be approved. Incomplete applications will not be
processed so please ensure that all necessary attachments have been included.

           Application Fee - $1000.00 (Application fees are not refundable.)

           Completed Change of Ownership Application form.

From the Current Owners:
          A Copy of the signed Sale/Purchase Agreement or copy of the signed Letter of Intent.

           Financial statements from the current owner(s) in the required format for the period from the
           last financial statements to the current date. If these financial statements are not available,
           please provide a letter confirming that they will be submitted to the Agency and stating the
           expected date of submission.

From the Proposed New Owners:
Please submit the items set out below that are appropriate for the ownership type:

Sole Proprietorship:

           Certificate of Business Registration (Registrar of Companies)

Partnership

           Certificate of Business Registration (Registrar of Companies)

           Copy of Partnership Agreement

Corporation:

           Copy of Incorporation Certificate (Corporate Minute Book)

           Certificate of Corporate Status (Registrar of Companies)

           Copy of Securities Registrar (Corporate Minute Book)

           Copy of Register of Directors (Corporate Minute Book)

Society:

           Copy of Incorporation Certificate (Corporate Minute Book)

           Certificate of Corporate Status (Registrar of Companies)

           Copy of Register of Directors (Corporate Minute Book)


FMS-4100                                       Page 12 of 13                                     2012.04.19
           A copy of the finalized legal documents relating to transfer of ownership. If the finalized legal
           documents are not available, please provide a letter confirming that they will be submitted to
           the Agency stating the expected date of submission.

           A copy of the new Business Licence specifying that the business is licenced for education or a
           letter from the Municipality stating that education specific licence is not necessary.

           A description of the proposed new management structure and an organizational chart showing
           names, position titles and reporting paths.

           Balance Sheet and Income Statement showing that the Proposed New Owner(s) has (have) the
           financial capacity to continue to operate the institution to the standard required by the PCTIA.

           Copy of Student Notification of Sale.

           If applicable, a resume for the new senior administrator and an explanation of how the new
           administrator is qualified to manage a private career training institution.

           If applicable, a resume for the new senior educational administrator and an explanation of how
           the new senior educational administrator is qualified to supervise the delivery of instruction for
           a private career training institution.

           If applicable, a Change of Operating Name Application including all required attachments and
           fees.

           If applicable, a letter giving details of any principals, shareholders, owners or officers involved
           in the closure of a private career training institution or in the bankruptcy of any other business
           with which they were associated.




FMS-4100                                         Page 13 of 13                                      2012.04.19

								
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