Montana Code 69-12-326. Lease of certificate
69-12-326. Lease of certificate. (1) An authorized carrier operating within the state may lease its certificate or any integral segment thereof to another carrier only by approval of the commission. The contract or lease under which the certificate is leased must be in writing and approved by the commission prior to any operation under the certificate. The contract or lease must specify:
Terms Used In Montana Code 69-12-326
- commission: means the public service commission provided for in 2-15-2602. See Montana Code 69-1-101
- 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
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Montana Code 1-1-201
- Writing: includes printing. See Montana Code 1-1-203
(a)the period for which a certificate is to be leased, which shall not be less than 30 days;
(b)the compensation to be paid;
(c)the time or date upon which the lease will commence and terminate; and
(d)the signatures of the parties thereto.
(2)Operation under the certificate is prohibited until approved by the commission in writing. During the period of the contract or lease, transportation movements under the contract or lease must be performed by the entity contracting for or leasing the certificate, or any integral segment thereof, while transportation movements by the owner (lessor) are prohibited.