Whenever a purchase, lease, assignment or transfer is proposed under this section, the carrier or carriers or the person seeking authority therefor shall present an application to the commission in the form that may be prescribed by the commission, and thereupon the commission shall notify the applicant or applicants and other parties known to have a substantial interest in the proceedings of the time and place for a public hearing should the purchase, lease, assignment or transfer be protested or the commission otherwise requires one, not less than twenty (20) days prior thereto. If, after the hearing, the commission finds that the transaction proposed is in good faith, that the proposed assignee, lessee, purchaser or transferee is fit and able properly to perform the transportation services authorized by such certificate or permit and to comply with the rules, regulations and requirements of the commission, and that the transaction is otherwise consistent with the public interest, it may enter an order approving and authorizing sale, lease, assignment or transfer upon terms and conditions as it shall find to be just and reasonable and with modifications as it may prescribe.
It shall be unlawful for any person, except as provided in this section, to accomplish or effectuate, or to participate in the accomplishing and effectuating, the sale, lease, assignment or transfer of a certificate or permit, however the result is attained.