Oregon Statutes 319.125 – Change of ownership; cancellation of license
A licensed dealer who has a change of ownership shall notify the Department of Transportation immediately of the change. Upon notification, the department shall immediately cancel the motor vehicle fuel dealer license of the dealer. No license may be issued to any successor of the dealer until the successor completes an application and certificate and supplies the department with an adequate bond. For purposes of this section:
Terms Used In Oregon Statutes 319.125
- 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.
(1) In the case of a corporation with more than 100 stockholders, transfer of stock in normal trading is not considered a change in ownership.
(2) In the case of a corporation with 100 or fewer stockholders, transfer of less than 50 percent of the stock in any period of 12 consecutive months is not considered a change in ownership. [1987 c.610 § 21]
319.125 was added to and made a part of 319.010 to 319.430 by legislative action but was not added to any smaller series therein. See Preface to Oregon Revised Statutes for further explanation.
[Repealed by 1987 c.610 § 23]
[Amended by 1959 c.505 § 3; 1987 c.158 § 50a; 1987 c.610 § 3; repealed by 1989 c.664 § 6]
[Repealed by 1989 c.664 § 6]
[Amended by 1957 c.209 § 3; 1959 c.505 § 4; 1967 c.359 § 691; 1987 c.610 § 4; repealed by 1989 c.664 § 6]
[Amended by 1987 c.610 § 5; repealed by 1989 c.664 § 6]