§ 1027.12. Approval process and closing on sale.
(a) If the Director determines that a proposed buyer of rights is qualified as provided in the act, this part or an order of the Authority, a recommendation to approve the sale will be presented to the Authority for approval at its next regularly scheduled meeting. The Authority may require that proposals from the Director as provided in this section first be presented to a committee of the Board at a public meeting.
(b) Upon approval of the sale by the Authority, the Director will schedule the parties to meet at a time and location where an Authority staff member will witness the closing of the transaction.
(c) An Authority staff member will witness the execution of each document by the owner and proposed buyer, or their designated agents. Any closing not witnessed by Authority staff is void as provided in sections 5711(c)(5) and 5718 of the act (relating to power of authority to issue certificates of public convenience; and restrictions).
(d) If the subject of the sale is a medallion that is the only medallion issued to the owner’s medallion taxicab certificate, that certificate will be cancelled upon completion of the closing on the sale of the medallion. For example, if the owner of only one medallion seeks to sell the medallion through the process provided in this chapter, the owner’s medallion taxicab certificate will be cancelled upon closing on the sale of the medallion.
(e) The Authority will issue a new medallion taxicab certificate to the new medallion owner as part of the closing process if requested by the proposed buyer as provided in § 1027.4(b) (relating to certificate required for medallion sales).
(f) A medallion subject to a completed closing may not be transferred or sold for 1 year from the date of closing.
(g) Subsection (f) does not apply to the sale of a medallion in the following circumstances:
(1) When each person that owns securities of the corporation, partnership, limited liability company or other form of legal entity that owns a medallion sold under this subchapter has died or is declared incapacitated.
(2) When a person that owns securities of the corporation, partnership, limited liability company or other form of legal entity that owns a medallion sold under this subchapter has died or is declared incapacitated and that person’s securities are transferred to the medallion owning entity or another owner of securities in the entity that owns the medallion.
Authority The provisions of this § 1027.12 temporarily amended under 53 Pa.C.S. § 57B02.
Source The provisions of this § 1027.12 temporarily amended May 5, 2017, effective February 25, 2017, expire upon promulgation of final-form regulations or on November 5, 2018, whichever is later, as set forth in 53 Pa.C.S. § 57B02(b), 47 Pa.B. 2558. Immediately preceding text appears at serial pages (360467) to (360468).
Cross References This section cited in 52 Pa. Code § 1027.15 (relating to commencement of service); and 52 Pa. Code § 1029.10 (relating to broker agreements required).
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