§ 75-320 — Sale or transfer of stock ownership; change in partnership or limited liability company; approval of commission; hearing

No transfer, assignment, or sale of stock or change of stock ownership or any interest therein which will directly or indirectly result in a transfer, assignment, sale, or change in the control of the corporation holding a certificate or permit, and no change of one or more of the partners or members, when the certificate holder is a partnership or a limited liability company, will be effective or valid, unless the carrier or person seeking to acquire control of the corporation or unless the applicant seeking to effect a change in one or more of the partners or members in a partnership or limited liability company holding a certificate or permit, respectively, obtains approval of the commission under such rules and regulations as the commission may prescribe. Approval of the proposed transaction, either in whole or in part, may be given, after notice and hearing, only upon findings by the commission that such transaction will be consistent with the public interest, that it will not unduly restrict competition, and that the applicant is fit, willing, and able to properly perform the proposed service.

Legislative History

Source: Laws 1963, c. 425, art. III, § 20, p. 1386; Laws 1993, LB 121, § 465. Annotations: Mere absence of applicant does not constitute failure of evidence of fitness, willingness, and ability. Abler v. Herman Bros., Inc., 187 Neb. 530, 192 N.W.2d 410 (1971).