2005 Rhode Island Code - § 39-14-25 — Transfer of certificate.

    No certificate shall be sold or transferred until the administrator, upon written application setting forth the purposes, terms, and conditions of the sale or transfer, shall, after hearing, approve the application. The application shall be accompanied by a fee of one hundred dollars ($100). All revenues received under this section shall be deposited as general revenues. A proposed transfer of a certificate shall be approved only if the administrator finds the transferee to be fit, willing, and able, financially and otherwise, to render the service described and authorized in the certificate; further, the administrator shall only reissue and transfer a certificate upon evidence that the transferor of the certificate has, during the six (6) month period immediately prior to receipt of the transfer application, or during the six (6) month period immediately preceding the filing of a petition for bankruptcy, whether voluntary or involuntary, or the institution of a petition for receivership, wherein the certificates are assets of the bankruptcy or receivership, been rendering the service authorized by the certificate.