Pennsylvania Code
Title 52 - PUBLIC UTILITIES
Part II - Philadelphia Parking Authority
Subpart C - Limousines
Chapter 1059 - APPLICATIONS AND SALE OF RIGHTS
Section 1059.3 - Authority approval of sale of rights
Universal Citation: 52 PA Code ยง 1059.3
Current through Register Vol. 54, No. 44, November 2, 2024
(a) Sale of transferable rights. The sale of transferable rights without advance approval of the Authority is void by operation of law.
(b) Sale of securities in transferable rights. The sale of securities in an entity that owns transferable rights will be considered a sale under this chapter in either of the following circumstances:
(1) The
securities to be transferred equal or exceed 5% of the issued securities in the
entity that holds an ownership interest in a transferrable right.
(2) Upon completion of the transfer the buyer
will own 5% or more of the issued securities in the entity that holds an
ownership interest in a transferrable right.
The provisions of this §1059.3 temporarily amended under 53 Pa.C.S. § 57B 02.
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