NAC706.250. Agreement to manage business of authorized carrier.

     1. An authorized carrier may, with the prior approval of the Authority, enter into an agreement with a person who is not his or her employee to manage his or her business. The agreement may be for a period of not more than 1 year, but may be renewed.

     2. An agreement to manage a carrier’s business must:

     (a) Be filed with the Authority;

     (b) Specify the compensation paid to the manager;

     (c) Specify the term of the agreement;

     (d) Specify the scope of the authority that the person will have to manage the business of the carrier; and

     (e) Specify any other information required by the Authority.

     3. The compensation paid to the manager may include a limited bonus in the form of cash or stock, or both, to be paid upon the occurrence of a specified condition.

     4. Any agreement which:

     (a) Includes a bonus to the manager of more than 10 percent of the carrier’s stock; or

     (b) Grants to the manager total control of the overall operations of the carrier,

Ê will be considered an attempted transfer of a certificate, permit or license and will not be approved.

     5. A background investigation of the manager selected by the carrier may be conducted by the Authority as part of its process in determining whether to grant approval.

     (Added to NAC by Pub. Service Comm’n, eff. 9-1-87; A by Transportation Serv. Auth. by R071-98, 10-28-98; R040-02, 9-20-2002)