California Codes, Business and Professions Code - BPC, Division 4 — Real Estate, Part 1 — Licensing of Persons, Chapter 3 — Real Estate Regulations, Article 2 — Licenses, Section 10158
When a real estate license is issued to a corporation, if it desires any of its officers other than the officer designated by it pursuant to Section 10211, to act under its license as a real estate broker, it shall procure an additional license to retain each of those additional officers. In the event of death or incapacity of a sole designated broker-officer, a corporation may operate as a licensee without interruption under its existing license if notice of the death or incapacity and an application for a new designated officer is filed with the department before midnight of the 10th business day after the event.
Notes
Requires a licensed corporation to obtain an additional license for each officer, other than its designated officer, who will act as a broker under the corporate license. If the sole designated broker-officer dies or becomes incapacitated, operations may continue if notice and a new-officer application are filed by midnight of the 10th business day.
Use as reference
Lexinter.net | California Code, Business and Professions Code - BPC § 10158 | https://laws.lexinter.net/codes/california/business-and-professions-code/division-4/part-1/chapter-3/article-2/section-10158