§ 39-14-25 - Transfer of certificate. - Rhode Island Statutes

SECTION 39-14-25

   § 39-14-25  Transfer of certificate. –No certificate shall be sold or transferred until the administrator, uponwritten application setting forth the purposes, terms, and conditions of thesale or transfer, shall, after a hearing, approve the application. Theapplication shall be accompanied by a fee of two hundred and fifty dollars($250). All revenues received under this section shall be deposited as generalrevenues. A proposed transfer of a certificate shall be approved only if theadministrator finds the transferee to be fit, willing, and able, financiallyand otherwise, to render the service described and authorized in thecertificate; further, the administrator shall only reissue and transfer acertificate upon evidence that the transferor of the certificate has, duringthe six (6) month period immediately prior to receipt of the transferapplication, or during the six (6) month period immediately preceding thefiling of a petition for bankruptcy, whether voluntary or involuntary, or theinstitution of a petition for receivership, wherein the certificates are assetsof the bankruptcy or receivership, been rendering the service authorized by thecertificate.