Section 815-RICR-10-05-1.4 - Transfers and Assignments1.4.1Transfer of CertificatesA. A Certificate or substantial control thereof may not be sold, assigned or transferred, either in whole or in part, or leased, sublet, or mortgaged in any manner, nor shall title thereto, either legal or equitable, or any right, interest or property therein, pass to, or vest in any person, firm, corporation or other organization, group or body, either through an act of the awardee or operator, by merger, consolidation, or by operation of law, whether by foreclosure, judicial sale, receivership, bankruptcy, reorganization, condemnation or other action or proceeding, without the approval of the Administrator in a written order, following a duly noticed public hearing.B. An application for a transfer or assignment shall be commenced by filing a copy of FCC Form 394, together with all exhibits, with the Division, along with a statement by the transferee as to: 1. its financial and technical fitness, 2. management's experience operating a CATV System, 3. a sworn affirmation that the transferee will conform to the requirements, orders, rules and regulations of the Division, and 4. why the proposed transfer is consistent with the public interest.C. The criteria for approval of any assignment or transfer by the Administrator shall be identical with the criteria required to be met at the awarding of an original Compliance Order Certificate.D. The granting of approval by the Administrator in any one instance, shall not constitute a waiver or grant in any other instance nor render unnecessary any other or subsequent approval.E. Nothing in this section contained shall be deemed to prohibit a mortgage, pledge or sale and lease back of a system, or any part thereof, for financing purposes with the consent of the Administrator.F. The Administrator shall have one hundred and twenty (120) days from the date of an application for transfer or assignment to act upon an application to transfer or assign unless the applicant and the Administrator agree to an extension of time.G. Upon approval of any such sale, transfer, or assignment, the purchaser, transferee, or assignee shall return all certificates to the Administrator who shall then issue new Certificates in the name of the new Certificate holder.1.4.2Substantial ControlA. For the purposes of this chapter, substantial control of a Certificate shall be deemed to exist whenever a person, family group, partnership, association, group of persons acting in concert, or corporation:1. holds twenty-one (21%) percent or more of the stock of the corporation in the name of which the Certificate stands; and/or2. exercises actual working control in whatever manner.815 R.I. Code R. 815-RICR-10-05-1.4