Section 11: Assignments and transfers
Section 11. Any irregular route certificate or any permit may be wholly assigned and transferred, and any regular route certificate or license may be assigned and transferred, in whole or in part, if consistent with the public interest and with the approval and consent of the department after public notice in the manner provided in paragraph (b) of section three and a public hearing at which the proposed transferee shall have established to the satisfaction of the department his willingness, fitness and ability to perform or furnish transportation for compensation under such certificate, permit or license in conformance with all lawful requirements, orders, rules and regulations of the department established under this chapter; provided, however, that no certificate and no permit shall be transferred except in connection with the sale to the transferee of a bona fide business of the transferor, who shall not thereafter for the period of at least one year hold any certificate or permit containing authority similar to that so transferred.
In the event of the decease, incompetency, insolvency, bankruptcy or corporate reorganization under the bankruptcy law of the United States, of a holder of a certificate, permit or license under this chapter, the department, upon application of his executor, administrator, guardian, conservator, assignee, trustee or receiver and upon payment of the fee required by this section, shall conditionally transfer such certificate, permit or license to such fiduciary, pending the decision by the department as to the fitness, willingness and ability of said transferee to conduct the operations of business authorized by said certificate, permit or license. In the event of the decease, incompetency, insolvency or bankruptcy of a member of a partnership holding such a certificate, permit or license, the department, upon application of the surviving or remaining partners, or of the executor, administrator, guardian, conservator, assignee, trustee or receiver of the deceased, incompetent, insolvent or bankrupt partner, may make a like conditional transfer to the surviving or remaining partners. Upon application of an executor, administrator, guardian, conservator, assignee, trustee, receiver, surviving or remaining partner and upon payment of the fee required by this section the department may transfer such certificate, permit or license in accordance with the provisions of this chapter direct from the original holder to any person named in such application and approved by the department.
No person shall operate upon any way as a common carrier by motor vehicle, contract carrier by motor vehicle or interstate licensee, or conduct business as a broker, except a bona fide holder of a certificate, permit or license, as the case may be, and neither by loan, assignment, option for purchase or any means whatsoever shall any person be permitted to defeat the requirements of this section with respect to the transfer of certificates, permits and licenses. Each application for the assignment and transfer, in whole or in part, of any certificate, permit or license shall be accompanied by a fee, the amount of which shall be determined annually by the commissioner of administration under the provision of section three B of chapter seven for the filing thereof. The department shall make any necessary rules and regulations to carry out the provisions of this section.
No person, firm, trust or corporation subject to the jurisdiction of the department shall hereafter purchase, acquire, take or hold, directly or indirectly, any part of the capital stock of any motor carrier subject to the provisions of this chapter, nor shall any person or associated group of persons or any firm, trust or corporation, who or which is not subject to the jurisdiction of the department, acquire, take or hold, directly or indirectly, fifty per cent or more of the voting capital stock of a motor carrier subject to this chapter, unless authorized so to do by the department. No change shall be made in the stock structure of a motor carrier subject to the jurisdiction of the department whereby control of the corporation is affected unless said change is approved by the department. No consent shall be given by the department to the acquisition as aforesaid unless it shall have been shown that such acquisition is consistent with the public interest, and if such consent is given in whole or in part the department may impose such terms and conditions as it shall deem to be in the public interest. Nothing herein contained shall be construed to prevent the holding of any stock heretofore lawfully acquired by a person, firm, trust or corporation, or, upon the surrender or exchange of said stock pursuant to an agreement of consolidation or merger or a reorganization plan, to prevent the purchase, acquisition, taking or holding of the voting capital stock of the new corporation organized pursuant to such agreement or plan to take over the property of any corporation whose stock has been thus surrendered or exchanged, or to prevent the purchase, acquisition, taking or holding of any further issue of stock, provided such further issue does not increase the proportion of voting capital stock held by such person, firm, trust or corporation, nor shall it apply to interstate carriers of property. Each application for authority from the department to purchase, acquire, take or hold, any part of the capital stock of any motor carrier subject to the provisions of this chapter shall be accompanied by a fee, the amount of which shall be determined pursuant to the aforementioned chapter seven provision.