New Mexico Statutes 65-2A-14 v2. Changes in certificates. (Effective July 1, 2024.)
A. A change in a certificate shall not be valid or effective without the approval of the department.
Terms Used In New Mexico Statutes 65-2A-14 v2
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- 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.
- 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
- 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.
B. The department may, for good cause and after notice and public hearing requirements are met, authorize the following changes in all or part of a certificate at the request of the holder if the department finds:
(1) that the applicant for amendment, lease or transfer of a certificate for passenger service meets the requirements pursuant to Section 65-2A-8 N.M. Stat. Ann. for a certificate for such passenger service;
(2) that the applicant for amendment, lease or a transfer of a certificate for household goods service meets the requirements pursuant to Section 65-2A-9 N.M. Stat. Ann. for a certificate for such household goods service; and
(3) in addition, that:
(a) for transfer or lease of all or part of a certificate, the transferor-applicant has rendered reasonably continuous and adequate service in the territory to be transferred or leased prior to the application for lease or transfer; and
(b) for transfer of all or a part of a certificate, accrued taxes, rents, wages of employees and other indebtedness pertaining to all or part of a certificate proposed to be transferred have been paid by the transferor-applicant or assumed by the transferee- applicant.
C. The department may, without notice or a public hearing, authorize the following changes in all or part of a certificate at the request of the holder:
(1) voluntary cancellation of the certificate;
(2) voluntary suspension of the certificate for a period not to exceed twelve consecutive months;
(3) change in the form of legal entity or name of the holder of the certificate; (4) reinstatement of the certificate following voluntary suspension of a period not exceeding twelve consecutive months;
(5) change in control of a holder of the certificate through issuance or transfer of stock or other legal interest in a holder that is a corporation, partnership, trust or other legal business entity; and
(6) matters pertaining to transfers by operation of law.