Illinois Compiled Statutes 625 ILCS 5/18c-4303 – Applications for Approval
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Applications for approval of the transfer of a license shall be on forms prescribed by the Commission and shall, where possible, be accompanied by a copy of the written contract executed by parties to the proposed transfer. The contract must state that it:
(1) Is expressly conditioned on approval of the transfer by the Commission;
(2) Is a complete and exclusive statement of the rights of the parties in regard to the proposed transfer; and
(3) Cannot be amended without notice to and approval by the Commission. The application shall also be accompanied by an abstract of shipments performed by the transferor within the last year prior to the date of the contract showing the date of each shipment, the identification number of the shipment, the origin and destination of the shipment, and a description of the commodity shipped.
The application shall not be docketed until a contract and abstract have been filed. Where the contract cannot be signed because of some operation of law, the Commission may waive the signature of the transferor, but not the filing of the written contract.
(1) Is expressly conditioned on approval of the transfer by the Commission;
Terms Used In Illinois Compiled Statutes 625 ILCS 5/18c-4303
- 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.
- 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
- State: when applied to different parts of the United States, may be construed to include the District of Columbia and the several territories, and the words "United States" may be construed to include the said district and territories. See Illinois Compiled Statutes 5 ILCS 70/1.14
- 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
(2) Is a complete and exclusive statement of the rights of the parties in regard to the proposed transfer; and
(3) Cannot be amended without notice to and approval by the Commission. The application shall also be accompanied by an abstract of shipments performed by the transferor within the last year prior to the date of the contract showing the date of each shipment, the identification number of the shipment, the origin and destination of the shipment, and a description of the commodity shipped.
The application shall not be docketed until a contract and abstract have been filed. Where the contract cannot be signed because of some operation of law, the Commission may waive the signature of the transferor, but not the filing of the written contract.