Current through Register Vol. 54, No. 44, November 2, 2024
Section 1051.15 - Power of successors by law(a) If a trustee, receiver, assignee, custodian or similar officer or officers is appointed by a court of competent jurisdiction, or is selected by creditors in accordance with provisions of law, with authority to take or retain possession and to operate the property and business of a certificate holder, the officer shall have authority to perform the service authorized in the certificate of the debtor certificate holder for 90 days from his appointment or selection.(b) The appointed officer may petition the Authority for authorization to exercise the rights conferred by the certificate for an additional period of time, and the Authority may, for good cause shown, grant authority.(c) If the petition is filed within 60 days of the appointment or selection of the petitioner, the appointed officer shall have authority to exercise the rights conferred by the certificate pending a decision by the Authority on the petition. Pertinent orders or decrees of the court having jurisdiction may be deemed cause for the granting of petitions by the Authority.