Illinois Compiled Statutes 625 ILCS 5/18c-4302 – Types of Transfers Which May be Approved
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It is lawful, with prior authorization from the Commission, for:
(1) Two or more motor carriers of property to consolidate or merge their properties into one business entity for the ownership, management, or operation of the properties theretofore in separate ownership;
(2) A motor carrier of property, or two or more such carriers jointly, to purchase, lease or contract to operate the properties of another such carrier;
(3) A motor carrier of property, or two or more such carriers jointly, to acquire control of another such carrier through ownership of its stock or otherwise;
(4) A person not a motor carrier of property, to acquire control of one or more such motor carriers through ownership of its or their stock or otherwise;
(5) A person not a motor carrier of property and which has control of one or more such carriers to acquire control of another carrier through ownership of its stock or otherwise; or
(6) A person to acquire possession, ownership, or control, by means of the sale or other conveyance of a license issued by the Commission to another person.
(1) Two or more motor carriers of property to consolidate or merge their properties into one business entity for the ownership, management, or operation of the properties theretofore in separate ownership;
Terms Used In Illinois Compiled Statutes 625 ILCS 5/18c-4302
- Carrier: means any motor carrier or rail carrier other than a private carrier. See Illinois Compiled Statutes 625 ILCS 5/18c-1104
- Commission: means the Illinois Commerce Commission. See Illinois Compiled Statutes 625 ILCS 5/18c-1104
- Contract: A legal written agreement that becomes binding when signed.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- License: means any certificate, permit, broker's license, or other license issued under this Chapter. See Illinois Compiled Statutes 625 ILCS 5/18c-1104
- Motor carrier: means any person engaged in the transportation of property or passengers, or both, for hire, over the public roads of this State, by motor vehicle. See Illinois Compiled Statutes 625 ILCS 5/18c-1104
- Person: means any natural person or legal entity, whether such entity is a proprietorship, partnership, corporation, association, or other entity, and, where a provision concerns the acts or omissions of a person, includes the partners, officers, employees, and agents of the person, as well as any trustees, assignees, receivers, or personal representatives of the person. See Illinois Compiled Statutes 625 ILCS 5/18c-1104
(2) A motor carrier of property, or two or more such carriers jointly, to purchase, lease or contract to operate the properties of another such carrier;
(3) A motor carrier of property, or two or more such carriers jointly, to acquire control of another such carrier through ownership of its stock or otherwise;
(4) A person not a motor carrier of property, to acquire control of one or more such motor carriers through ownership of its or their stock or otherwise;
(5) A person not a motor carrier of property and which has control of one or more such carriers to acquire control of another carrier through ownership of its stock or otherwise; or
(6) A person to acquire possession, ownership, or control, by means of the sale or other conveyance of a license issued by the Commission to another person.