§1270.30. Transfers from One Corporation to a Related Corporation

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a) No transfer shall be approved under Section 18c-4306(7) of the Illinois Commercial Transportation Law ("Law") (Ill. Rev. Stat. 1985, ch. 95½, par. 18c-4306(7)), if a shareholder of the transferee would acquire a majority or controlling interest unless the same shareholder possessed a majority or controlling interest in the transferor.

b) No transfer shall be approved under Section 18c-4306(4) of the Law (Ill. Rev. Stat. 1985, ch. 95½, par. 18c-4306(4)) unless the transferor corporation is wholly owned by one person or members of one family.

                    
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