2019 PRCA Rule Book

B2.5.13.6Transfer/Sale of Stock Contracting Firm. B2.5.13.6.1 Transfer of Stock Contracting Firm. Only a Full Stock Contractor’s PRCA membership card may be transferred to a new firm (individual, partnership, corporation or other legal entity), and only in connection with the sale of all or substantially all of the transferring firm’s livestock, equipment, rodeo contracts and other business assets to the transferee firm, with the transferee firm continuing the stock contracting business as a going concern. Such sale must include a minimum of 25 bareback horses, 25 saddle bronc horses and 25 bulls. In the case of qualifying sale transaction, the transferee Stock Contractor will be required to satisfy the requirements for Probationary Stock Contractors and the prospective new owner must be inspected by the PRCA and pay a non-refundable inspection fee of $2,500 to the PRCA prior to inspection to cover the PRCA’s anticipated costs in connection with that inspection, in order to have the transferred card re- issued to the transferee’s designated operating officer. In addition as a condition to the transfer and re-issue of the Stock Contractor card in question, the PRCA shall require (i) that all debts owed by the transferor to the PRCA are paid in full, and (ii) proof of bill of sale for all riding event livestock involved in the sale transaction and may require review of all terms and provisions of the contract documents concerning the transferor’s sale of all or substantially all of its business assets as a going concern to the transferee as well as all other contractual relationships created or affected in connection with the transfer of the subject Stock Contractor card. A transferee pursuant to this Section B2.5.12.6.1 shall be subject to inspection during the first year of ownership, and thereafter as a Full Stock Contractor. B2.5.13.6.2 Transferred Memberships. Any Full Stock Contractor whose PRCA membership is transferred and re-issued to a new firm in connection with the sale of the Full Stock Contractor’s business shall have no further membership interests or rights in the PRCA as a Stock Contractor. In the event such former Full Stock Contractor desires to reinstate his PRCA Stock Contractor membership, he shall be required to satisfy all terms and conditions applicable to prospective new Stock Contractors.

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2019