§ 59B-09 Licensing – Transfer of an Ownership Interest in a For Hire Base License.
RCNY § 59
(a)Transfer Requirements for All For-Hire Bases. Any For-Hire Base License or Ownership interest in the Licensee can be transferred to a proposed transferee if all of the following conditions are met: (1) The transferee demonstrates to the satisfaction of the Commission the qualifications to assume the duties and obligations of a Base Owner.
(2)All the outstanding fines, penalties, and other liabilities that the transferor owes to the Commission have been satisfied.
(3)The Commission approves the transfer and any changes in corporate officers or directors.
(4)Both the transferor and transferee must appear in person as directed by the Chairperson to complete the transfer: (i) A party who is an individual must appear in person (ii) A party that is a partnership must be represented by a general partner (iii) A party that is a corporation must be represented by a Limited Business Entity Person.
(5)No transfer or change will be effective until approved and the Chairperson has given notice of the approval to the Licensee.
(b)Additional Requirements for Transfers of a Livery Base Station.
(1)Additional Bond for Tort Liabilities. The transferor or the transferee files an additional bond to cover the transferor's tort liabilities (if any) that have arisen out of the operation of a Base Station, that remain outstanding and that exceed the amount covered by any bond or insurance policy already in effect.
(ii)All the judgment creditors of a Licensee file written permission for the transfer with the Commission.
(iii)The proceeds from the transfer are paid into court or held in escrow, on terms and conditions approved by the Commission, to protect the rights of all parties that have a legitimate interest.
