(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.)
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