Any permit of registration may be assigned and transferred by the holder thereof, his or her assignee, receiver, trustee, or by the holder’s personal representative, or by the surviving partner or partners of the deceased partner to which the right under the permit shall pass at the death of the holder upon application to the administrator. The application shall be accompanied by a fee of fifty dollars ($50.00). The transferor shall establish before the administrator that the operating authority to engage in interstate commerce in transportation for compensation is to be or has been transferred with the approval of the Interstate Commerce Commission. The administrator may establish such reasonable rules and regulations as he or she may deem necessary pertaining to the transfer and assignment of permits of registration.