Rule 515-16-5-.17 - Transfer of Permanent Certificates(1) Certificates shall not be assigned or transferred or hypothecated through sale, ownership of stock pledged as security, or otherwise; nor shall the control and management of the operation under such certificate be changed through lease or otherwise without authority of the Commission. Interim Certificates are not transferable.(2) Application for transfers must be made on proper forms and in the manner prescribed by the Commission. Hearings on applications for transfer will be assigned in accordance with the provisions of Commission Transportation Rule 515-16-2-.04. Certificates must be active in order to be considered for transfer.(3) There shall be attached to the application for transfer of a certificate a copy of the contract of purchase which shall contain a complete statement of the assets of the holder of the certificate to be sold and the amount to be paid therefore, and an affidavit from the holder of the certificate, of the authorized agent or officer thereof, that all accrued taxes and all station rents, wages of employees, and all other known indebtedness incident to said operation have been paid in full except as set out in the application for transfer. If there be unpaid indebtedness incident to said operation, a written itemized statement, under oath, of the names and addresses of all the creditors known to said certificate holder, loss or damage claims, together with the amount of indebtedness claimed to be due or owing each of said creditors incident to said operation shall be included in the application or attached as an exhibit and made a part thereof. There shall also be attached to the application for transfer of a certificate a statement signed and witnessed by the transferee (purchaser), or the authorized agent or officer thereof, guaranteeing the payment of all just obligations listed in the sworn itemized statement of the transferor (certificate holder) included in or made a part of the application for transfer, or any lawful indebtedness not included in the application for transfer where such indebtedness is determined to be incident to said operation.Ga. Comp. R. & Regs. R. 515-16-5-.17
Authority O.C.G.A. Secs. 46-7-6, 46-7-27.
Original Rule entitled "Transfer of Permanent Certificates" adopted. F. June 10, 2008; eff. June 30, 2008.