Ill. Admin. Code tit. 92, § 530.840 - Change of Ownership or Owner's Identity or Legal Status
a) The permittee shall notify the
Department's District Office that issued the permit within ten days prior to
the transfer of a permitted facility to another party.
b) The new owner shall request that the
permit be amended to show current ownership. If the new owner fails to have a
new or amended permit issued in its name, the new owner shall be presumed to
have accepted, and agreed to be bound by, the terms and conditions of the
permit if the new owner uses the facility or allows it to remain on the State's
right-of-way.
c) If a permittee is
sold (e.g., a corporation is sold), no change in the permit is required. The
new owner of the permittee shall have all the obligations and privileges
enjoyed by the former owner.
d) If
the legal status of the permittee changes (e.g., corporate merger or the
incorporation of a partnership), the permittee is still bound by the permit,
but must notify the Department of the change in the legal status.
Notes
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