(1) The Commission may provide for the transfer of a license, without notice and hearing, and without the necessity of making the findings specified above, when such transfer or control is to:
        (a) a member or members of the transferor’s immediate
    
family;
        (b) a corporation, the stock of which is wholly owned
    
by the transferor or members of his immediate family or a member or members of the transferor partnership;
        (c) a member or members of a partnership of which the
    
transferor is a partner;
        (d) a stockholder or stockholders of the transferor
    
corporation or of a corporation wholly owned by the transferor or the transferor’s immediate family;
        (e) the heirs of a person who dies intestate or the
    
legatees of a testator, upon order of the probate court having jurisdiction;
        (f) the heirs or legatees of the transferor pursuant
    
to the Probate Act of 1975, as amended;
        (g) a corporation, more than 50% of the stock of
    
which is controlled by the stockholders of the transferor corporation; or
        (h) a corporation, all of the stock of which is
    
controlled by a member or members of the immediate family of the stockholder or stockholders of the transferor corporation.
    (2) When a transfer of a license may be accomplished on an expedited basis without notice and hearing through 2 or more transactions of the type described in subsection (a), and they do, in fact, represent a single, contemporaneous transaction, then the Commission shall allow the transfer to be made as a single transaction in a single application. However, it shall be the applicants’ burden to demonstrate that they are entitled to this treatment of their application by setting forth each of the individual qualifying transactions under subsection (1) with the same detail and specificity as if each individual application were filed.

Terms Used In Illinois Compiled Statutes 625 ILCS 5/18c-4306

  • Commission: means the Illinois Commerce Commission. See Illinois Compiled Statutes 625 ILCS 5/18c-1104
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • individual: shall include every infant member of the species homo sapiens who is born alive at any stage of development. See Illinois Compiled Statutes 5 ILCS 70/1.36
  • Intestate: Dying without leaving a will.
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • License: means any certificate, permit, broker's license, or other license issued under this Chapter. See Illinois Compiled Statutes 625 ILCS 5/18c-1104
  • Notice: means with regard to all proceedings except enforcement proceedings instituted on the motion of the Commission, and except for interstate motor carrier registrations, public notice by publication in the official state newspaper, unless otherwise provided in this Chapter. See Illinois Compiled Statutes 625 ILCS 5/18c-1104
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • 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
  • Probate: Proving a will
  • Testator: A male person who leaves a will at death.
  • Transfer: means the sale, lease, consolidation, merger, acquisition or change of control, or other transfer of a license, in whole or in part. See Illinois Compiled Statutes 625 ILCS 5/18c-1104
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