State Codes and Statutes
Statutes > Vermont > Title-07 > Chapter-23 > 707
§ 707. Sale or transfer; purchase by manufacturer
(a) A wholesale dealer wishing to sell or otherwise transfer his interests in a franchise shall give at least 90 days' written notice to the certificate of approval holder or manufacturer, prior to such sale or transfer. The notice of intended sale or transfer shall give the full name and address of the proposed transferee, along with full details outlining the qualifications of the proposed transferee which, in the opinion of the wholesale dealer, make the proposed transferee competent to operate the franchise.
(b) In the event the certificate of approval holder or manufacturer wishes to resist the proposed sale or transfer to the proposed transferee, he shall petition the superior court for hearing no later than 60 days prior to the date of the proposed sale or transfer, clearly stating his reasons for resisting the proposed sale or transfer.
(c) Upon receipt of a petition brought resisting a sale or transfer, the superior court shall hold a hearing on the proposed transfer or sale. The court shall make a full inquiry into the qualifications of the proposed transferee, and shall determine whether or not such proposed transferee is in a position to substantially continue the operations of the franchise, to assume the obligations of the franchise holder, and to conduct the business in a manner which will serve to protect the legitimate interests of the certificate of approval holder or manufacturer.
(d) In the event the superior court finds the proposed transferee to be qualified to operate the franchise, the transfer of the franchise to the proposed transferee shall be approved. (Added 1975, No. 199 (Adj. Sess.); amended 1983, No. 197 (Adj. Sess.), § 6.)
