Procedure; limitation on transfer of stock of corporate motor carriers other than operators of tow cars.
1. All motor carriers, other than operators of tow cars, regulated pursuant to NRS 706.011 to 706.791, inclusive, to whom the certificates, permits and licenses provided by NRS 706.011 to 706.791, inclusive, have been issued may transfer them to another carrier, other than an operator of a tow car, qualified pursuant to NRS 706.011 to 706.791, inclusive, but no such transfer is valid for any purpose until a joint application to make the transfer has been made to the Authority by the transferor and the transferee, and the Authority has authorized the substitution of the transferee for the transferor. No transfer of stock of a corporate motor carrier subject to the jurisdiction of the Authority is valid without the prior approval of the Authority if the effect of the transfer would be to change the corporate control of the carrier or if a transfer of 15 percent or more of the common stock of the carrier is proposed.
2. Except as otherwise provided in subsection 3, the Authority shall fix a time and place for a hearing to be held unless the application is made to transfer the certificate from a natural person or partners to a corporation whose controlling stockholders will be substantially the same person or partners, and may hold a hearing to consider such an application.
3. The Authority may also dispense with the hearing on the joint application to transfer if, upon the expiration of the time fixed in the notice thereof, no protest against the transfer of the certificate or permit has been filed by or in behalf of any interested person.
4. In determining whether or not the transfer of a certificate of public convenience and necessity or a permit to act as a contract motor carrier should be authorized, the Authority shall consider:
(a) The service which has been performed by the transferor and that which may be performed by the transferee.
(b) Other authorized facilities for transportation in the territory for which the transfer is sought.
(c) Whether or not the transferee is fit, willing and able to perform the services of a common or contract motor carrier by vehicle and whether or not the proposed operation would be consistent with the legislative policy set forth in NRS 706.151.
5. Upon a transfer made pursuant to this section, the Authority may make such amendments, restrictions or modifications in a certificate or permit as the public interest may require.
6. No transfer is valid beyond the life of the certificate, permit or license transferred.
Last modified: February 26, 2006