Section 706.250 - Agreement to manage business of authorized carrier1. 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. The agreement may be renewed each year.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, including, without limitation, the starting and ending dates 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. An authorized carrier must notify the Authority of his or her intention to renew an agreement to manage the carrier's business at least 30 days before the ending date stated in the current agreement.4. If the Authority is not notified of the intention of the authorized carrier to renew an agreement in accordance with subsection 3, the renewed agreement is deemed void and unenforceable. If an authorized carrier continues to operate under a renewed agreement which is void pursuant to this subsection, the Authority will issue an order to show cause and hold a hearing to suspend or revoke the authority of the carrier to operate.5. If an authorized carrier intends to enter into a new agreement to manage the carrier's business which materially differs from the current agreement, the new agreement must be submitted to the Authority at least 45 days before the ending date that is stated in the current agreement. The new agreement must include the information required by paragraphs (b) to (e), inclusive, of subsection 2. The new agreement does not become effective unless approved by the Authority.6. 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.7. 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, will be considered an attempted transfer of a certificate, permit or license and will not be approved. 8. 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.Nev. Admin. Code § 706.250
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; A by R040-23A, eff. 11/15/2024