A licensed dealer who has a change of ownership shall notify the Department of Transportation immediately of the change. Upon notification, the department shall immediately cancel the motor vehicle fuel dealer license of the dealer. No license may be issued to any successor of the dealer until the successor completes an application and certificate and supplies the department with an adequate bond. For purposes of this section:
(1) In the case of a corporation with more than 100 stockholders, transfer of stock in normal trading is not considered a change in ownership.
(2) In the case of a corporation with 100 or fewer stockholders, transfer of less than 50 percent of the stock in any period of 12 consecutive months is not considered a change in ownership. [1987 c.610 §21]
Note: 319.125 was added to and made a part of 319.010 to 319.430 by legislative action but was not added to any smaller series therein. See Preface to Oregon Revised Statutes for further explanation.
Section: Previous 319.090 319.096 319.098 319.100 319.102 319.110 319.120 319.125 319.130 319.140 319.150 319.160 319.170 319.180 319.182 NextLast modified: August 7, 2008