Rhode Island General Laws 39-14-25. Transfer of certificate
No certificate shall be sold or transferred until the administrator, upon written application setting forth the purposes, terms, and conditions of the sale or transfer, shall, after a hearing, approve the application. The application shall be accompanied by a fee of two hundred and fifty dollars ($250). All revenues received under this section shall be deposited as general revenues. A proposed transfer of a certificate shall be approved only if the administrator finds the transferee to be fit, willing, and able, financially and otherwise, to render the service described and authorized in the certificate; further, the administrator shall only reissue and transfer a certificate upon evidence that the transferor of the certificate has, during the six-month (6) period immediately prior to receipt of the transfer application, or during the six-month (6) period immediately preceding the filing of a petition for bankruptcy, whether voluntary or involuntary, or the institution of a petition for receivership, wherein the certificates are assets of the bankruptcy or receivership, been rendering the service authorized by the certificate.
History of Section.
P.L. 1980, ch. 131, § 2; P.L. 1986, ch. 34, § 2; P.L. 1992, ch. 133, art. 34, § 7; P.L. 1995, ch. 370, art. 40, § 120; P.L. 2007, ch. 73, art. 26, § 4; P.L. 2007, ch. 485, § 4.
Terms Used In Rhode Island General Laws 39-14-25
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Certificate: means a certificate of public convenience and necessity issued to a common carrier. See Rhode Island General Laws 39-14-1
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.