Ill. Admin. Code tit. 92, § 1270.30 – Transfers from One Corporation to a Related Corporation | Midpage
§ 1270.30
Ill. Admin. Code tit. 92, § 1270.30
Transfers from One Corporation to a Related Corporation
AUTHORITY: Implementing Sections 18c-4301 and 18c-4306 and authorized by Section 18c-1202(9) of the Illinois Commercial Transportation Law (Ill. Rev. Stat. 1985, ch. 95½, pars. 18c-4301, 18c-4306, and 18c-1202(9)).ILLINOIS COMMERCE COMMISSION
a) No transfer shall be approved under Section 18c-4306(7) of the Illinois Commercial Transportation Law ("Law") (Ill. Rev. Stat. 1985, ch. 95½, par. 18c-4306(7)), if a shareholder of the transferee would acquire a majority or controlling interest unless the same shareholder possessed a majority or controlling interest in the transferor.
b) No transfer shall be approved under Section 18c-4306(4) of the Law (Ill. Rev. Stat. 1985, ch. 95½, par. 18c-4306(4)) unless the transferor corporation is wholly owned by one person or members of one family.