Sec. 18c-4306. Expedited Transfer Procedures.

305 words·~1 min read·/il/chapter-625/act-5/18c-4306

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)The Commission may provide for the transfer of a license, without notice and hearing, and without the necessity of making the findings specified above, when such transfer or control is to:

(a)a member or members of the transferor's immediate family;

(b)a corporation, the stock of which is wholly owned by the transferor or members of

his immediate family or a member or members of the transferor partnership;

(c)a member or members of a partnership of which the transferor is a partner;

(d)a stockholder or stockholders of the transferor corporation or of a corporation

wholly owned by the transferor or the transferor's immediate family;

(e)the heirs of a person who dies intestate or the legatees of a testator, upon order

of the probate court having jurisdiction;

(f)the heirs or legatees of the transferor pursuant to the Probate Act of 1975, as

amended;

(g)a corporation, more than 50% of the stock of which is controlled by the stockholders

of the transferor corporation; or

(h)a corporation, all of the stock of which is controlled by a member or members of the

immediate family of the stockholder or stockholders of the transferor corporation.

(2)When a transfer of a license may be accomplished on an expedited basis without notice and hearing through 2 or more transactions of the type described in subsection (a), and they do, in fact, represent a single, contemporaneous transaction, then the Commission shall allow the transfer to be made as a single transaction in a single application. However, it shall be the applicants' burden to demonstrate that they are entitled to this treatment of their application by setting forth each of the individual qualifying transactions under subsection

(1)with the same detail and specificity as if each individual application were filed.