625 ILCS 5/ Illinois Vehicle Code.

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625 ILCS 5/18c-4301

(625 ILCS 5/18c-4301) (from Ch. 95 1/2, par. 18c-4301)

Sec. 18c-4301.

Power of Commission to Approve Transfers.

A license issued under this Sub-chapter may be transferred, with
Commission approval, under the conditions specified in this
Article and in accordance with such rules and regulations as the
Commission may prescribe.

(Source: P.A. 84-796.)

625 ILCS 5/18c-4302

(625 ILCS 5/18c-4302) (from Ch. 95 1/2, par. 18c-4302)

Sec. 18c-4302.

Types of Transfers Which May be Approved.

It is lawful, with prior authorization from the Commission, for:

(1) Two or more motor carriers of property to consolidate or
merge their properties into one business entity for the
ownership, management, or operation of the properties
theretofore in separate ownership;

(2) A motor carrier of property, or two or more such carriers
jointly, to purchase, lease or contract to operate the
properties of another such carrier;

(3) A motor carrier of property, or two or more such carriers
jointly, to acquire control of another such carrier through
ownership of its stock or otherwise;

(4) A person not a motor carrier of property, to acquire control
of one or more such motor carriers through ownership of its
or their stock or otherwise;

(5) A person not a motor carrier of property and which has
control of one or more such carriers to acquire control of
another carrier through ownership of its stock or otherwise;
or

(6) A person to acquire possession, ownership, or control, by
means of the sale or other conveyance of a license issued by
the Commission to another person.

(Source: P.A. 84-796.)

625 ILCS 5/18c-4303

(625 ILCS 5/18c-4303) (from Ch. 95 1/2, par. 18c-4303)

Sec. 18c-4303.

Applications for Approval.

Applications for approval of
the transfer of a license shall be on forms
prescribed by the Commission and shall, where possible, be accompanied by a
copy of the written contract executed by parties to the proposed transfer.
The contract must state that it:

(1) Is expressly conditioned on approval of the transfer by the
Commission;

(2) Is a complete and exclusive statement of the rights of the
parties in regard to the proposed transfer; and

(3) Cannot be amended without notice to and approval by the
Commission.
The application shall also be accompanied by an abstract of
shipments performed by the transferor within the last year prior to
the date of the contract showing the date of each shipment, the
identification number of the shipment, the origin and destination
of the shipment, and a description of the commodity shipped.

The application shall not be docketed until a contract and abstract have
been filed.  Where the contract cannot be signed because of some operation
of law, the Commission may waive the signature of the transferor, but not
the filing of the written contract.

(Source: P.A. 84-796.)

625 ILCS 5/18c-4304

(625 ILCS 5/18c-4304) (from Ch. 95 1/2, par. 18c-4304)

Sec. 18c-4304.

Standard for Review of Applications.

The Commission may
approve a proposed transfer if it finds that:

(1) The license to be transferred is in good standing and has not
been abandoned, discontinued, or suspended, in whole or in
part;

(2) The proposed transferee is fit, willing, and able to provide
service for which the license was issued, and to do so in
compliance with provisions of this Chapter, Commission
regulations and orders; and

(3) The transfer would be consistent with the public interest and
the state transportation policy.

The Commission may approve or disapprove a transfer, in whole or
in part, and may subject the transfer to such terms and
conditions as will protect the public interest and effectuate the
purposes of this Chapter.

(Source: P.A. 84-796.)