A Franchise may be sold or transferred subject to the approval of a majority of the teams of that Division and the RMLL Executive. The Division and the RMLL Executive shall be entitled to impose such reasonable conditions with respect to the transfer.
Application for approval of a Franchise transfer must be submitted in writing to the RMLL Executive Director prior to November 1 of the past playing Season. In case of emergency, this date may be waived by the RMLL Executive. See Schedule 4.
The approval process for a transfer of a RMLL Franchise requires:
– Minutes of each of the existing Franchise Holder and the proposed Franchise Holder transferee approving the transfer of the Franchise, the disposition of any funds held or owed by the RMLL, a direction as to who is responsible for the outstanding invoices to the RMLL, a transfer application (see Schedule 4), and the terms and conditions of the transfer;
– The filing with the application of a copy of the contract or any agreement related to the transfer;
– The proposed Franchise transferee becomes a member of a member association of the LC and authorized to participate in the RMLL.