5.1-114 - Transfer or lease of certificate. - Virginia Statutes

§ 5.1-114. Transfer or lease of certificate.

Any certificate issued under this chapter may be transferred or leased,subject to the approval of the Commission and under such reasonable rules andregulations as may be prescribed by the Commission. An application for suchapproval shall be made jointly by the transferor and transferee, or lessorand lessee.

No certificate shall be transferred, leased or otherwise disposed of when anyconsideration is paid or promised which exceeds the then value of thetangible property sold in connection with the transfer or lease of suchcertificate.

(Code 1950, § 56-168; 1970, c. 708.)