§ 128. Permits, registrations and licenses. 1. No permit, registration
or license shall be transferable or assignable except that
notwithstanding any other provision of law, the permit, registration or
license of a sole proprietor converting to corporate form, where such
proprietor becomes the sole stockholder and only officer and director of
such new corporation, may be transferred to the subject corporation if
all requirements of this chapter remain the same with respect to such
permit, registration or license as transferred and, further, the
registered organization or licensee shall transmit to the board, within
ten days of the transfer of license allowable under this subdivision, on
a form prescribed by the board, notification of the transfer of such
license.

2. No permit, registration or license shall be pledged or deposited as
collateral security for any loan or upon any other condition; and any
such pledge or deposit, and any contract providing therefor, shall be
void.

3. Permits, registrations and licenses issued under this chapter shall
contain, in addition to any further information or material to be
prescribed by the rules and regulations of the board, the following
information:

(a) name of the person to whom the license is issued;

(b) type of license and what type of cannabis commerce is thereby
permitted;

(c) description by street and number, or otherwise, of licensed
premises; and

(d) a statement in substance that such license shall not be deemed a
property or vested right, and that it may be revoked at any time
pursuant to law.