Ill. Admin. Code tit. 92 § 1270.30

Current through Register Vol. 49, No. 1, January 3, 2025

Section 1270.30 - Transfers from One Corporation to a Related Corporation

a) No transfer shall be approved under Section 18c-4306(7) of the Illinois Commercial Transportation Law ("Law") (Ill. Rev. Stat. 1985, ch. 951/2, 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. 951/2, par. 18c-4306(4)) unless the transferor corporation is wholly owned by one person or members of one family.

Ill. Admin. Code tit. 92, § 1270.30