TITLE 92: TRANSPORTATION
CHAPTER III: ILLINOIS COMMERCE COMMISSION
SUBCHAPTER a: COMMERCIAL TRANSPORTATION GENERALLY
PART 1270 TRANSFERS OF LICENSES
SECTION 1270.30 TRANSFERS FROM ONE CORPORATION TO A RELATED CORPORATION
Section 1270.30 Transfers from One Corporation to a Related Corporation
a) No transfer shall be approved under Section 18c-4306(7) of the Illinois Commercial Transportation Law ("Law") (Ill. Rev. Stat. 1985, ch. 95½, par. 18c-4306(7)), if a shareholder of the transferee would acquire a majority or controlling interest unless the same shareholder possessed a majority or controlling interest in the transferor.
b) No transfer shall be approved under Section 18c-4306(4) of the Law (Ill. Rev. Stat. 1985, ch. 95½, par. 18c-4306(4)) unless the transferor corporation is wholly owned by one person or members of one family.