[Code of Federal Regulations]
[Title 14, Volume 1]
[Revised as of January 1, 2003]
From the U.S. Government Printing Office via GPO Access
[CITE: 14CFR47.8]

[Page 874-875]
 
                     TITLE 14--AERONAUTICS AND SPACE
 
CHAPTER I--FEDERAL AVIATION ADMINISTRATION, DEPARTMENT OF TRANSPORTATION
 
PART 47--AIRCRAFT REGISTRATION--Table of Contents
 
                           Subpart A--General
 
Sec. 47.8  Voting trusts.

    (a) If a voting trust is used to qualify a domestic corporation as a 
U.S. citizen, the corporate applicant must submit to the FAA Aircraft 
Registry--
    (1) A true copy of the fully executed voting trust agreement, which 
must identify each voting interest of the applicant, and which must be 
binding upon each voting trustee, the applicant corporation, all foreign 
stockholders, and each other party to the transaction; and
    (2) An affidavit executed by each person designated as voting 
trustee in the voting trust agreement, in which each affiant represents-
-
    (i) That each voting trustee is a citizen of the United States 
within the meaning of section 101(16) of the Act;
    (ii) That each voting trustee is not a past, present, or prospective 
director, officer, employee, attorney, or agent of any other party to 
the trust agreement;
    (iii) That each voting trustee is not a present or prospective 
beneficiary, creditor, debtor, supplier or contractor of any other party 
to the trust agreement;
    (iv) That each voting trustee is not aware of any reason, situation, 
or relationship under which any other party to the agreement might 
influence the exercise of the voting trustee's totally independent 
judgment under the voting trust agreement.
    (b) Each voting trust agreement submitted under paragraph (a)(1) of 
this section must provide for the succession of a voting trustee in the 
event of death, disability, resignation, termination of citizenship, or 
any other event leading to the replacement of

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any voting trustee. Upon succession, the replacement voting trustee 
shall immediately submit to the FAA Aircraft Registry the affidavit 
required by paragraph (a)(2) of this section.
    (c) If the voting trust terminates or is modified, and the result is 
less than 75 percent control of the voting interest in the corporation 
by citizens of the United States, a loss of citizenship of the holder of 
the registration certificate occurs, and Sec. 47.41(a)(5) of this part 
applies.
    (d) A voting trust agreement may not empower a trustee to act 
through a proxy.

[Amdt. 47-20, 44 FR 61939, Oct. 29, 1979]