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Oregon Revised Statutes Revenue and Taxation § 319.125

Current as of January 01, 2023 | Updated by Findlaw Staff

A licensed dealer who has a change of ownership shall notify the Department of Transportation immediately of the change. Upon notification, the department shall immediately cancel the motor vehicle fuel dealer license of the dealer. No license may be issued to any successor of the dealer until the successor completes an application and certificate and supplies the department with an adequate bond. For purposes of this section:

(1) In the case of a corporation with more than 100 stockholders, transfer of stock in normal trading is not considered a change in ownership.

(2) In the case of a corporation with 100 or fewer stockholders, transfer of less than 50 percent of the stock in any period of 12 consecutive months is not considered a change in ownership.

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Cite this article: FindLaw.com - Oregon Revised Statutes Revenue and Taxation § 319.125 - last updated January 01, 2023 | https://codes.findlaw.com/or/title-29-revenue-and-taxation/or-rev-st-sect-319-125/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

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