NAC706.393. Approval or denial of transfer.

     1. No transfer of any operating right is effective except upon full compliance with these regulations and until after the Authority has approved the transfer as provided in this section. The mere execution of a chattel mortgage, deed of trust or other similar document does not constitute a transfer. A proposed transfer of operating rights by means of the foreclosure of a mortgage or deed of trust or other lien upon such rights, or by an execution in satisfaction of any judgment or claim against the holder, is not effective without compliance with these regulations and the prior approval of the Authority.

     2. A proposed transfer of operating rights will not be approved if the Authority finds that the transferee does not intend to, or would not, engage in bona fide motor carrier operations under the operating rights, or if the Authority finds that the transferor acquired the operating rights to profit therefrom and has not engaged in bona fide motor carrier operations under the operating rights.

     3. An application for the transfer of operating rights by a fully regulated carrier for the sale and transfer of operating authority will not be approved if the:

     (a) Authority considers and determines that the purchase price to be paid would be excessive and contrary to the public interest.

     (b) Transfer would tend to create an unfair competitive operation and is not consistent with the public interest.

     [Pub. Service Comm’n, Gen. Order 5 Rule 222, eff. 12-1-62]—(NAC A by Transportation Serv. Auth. by R071-98, 10-28-98; R091-05, 12-29-2005)