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Title 8 . Labor and Workforce Development
Chapter 98 . Adult Basic Education and Diplomas Under Special Conditions
Section 420. Termination of business

8 AAC 98.420. Termination of business

(a) A licensee who discontinues operation of a vending facility is responsible for financial liabilities incurred in operating the facility. If the wholesale value of saleable merchandise, cash on hand, and the facility account is greater than the value of the original inventory and cash provided the facility by the division, the division will reimburse the licensee for the excess, less any unpaid bills or other liabilities. If the wholesale value of saleable merchandise, cash on hand, and the facility account is less than the value of the original inventory and cash provided the facility by the division, the licensee shall pay the division the balance plus any unpaid bills and other liabilities.

(b) When a licensee discontinues operation of a vending facility, the licensee and the division shall conduct an inventory to ensure that the equipment, fixtures, and initial inventory that the division provided are accounted for and in operable condition.

History: Eff. 7/17/83, Register 87

Authority: AS 23.15.020 (c)

AS 23.15.100 (b)

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Last modified 7/05/2006