[Code of Federal Regulations]
[Title 15, Volume 2]
[Revised as of January 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 15CFR303.18]

[Page 33-34]
 
                  TITLE 15--COMMERCE AND FOREIGN TRADE
 
 CHAPTER III--INTERNATIONAL TRADE ADMINISTRATION, DEPARTMENT OF COMMERCE
 
PART 303_WATCHES, WATCH MOVEMENTS AND JEWELRY PROGRAM--Table of Contents
 
                            Subpart B_Jewelry
 
Sec.  303.18  Sale or transfer of business.

    (a) The sale or transfer of a business together with its duty refund 
entitlement shall be permitted with prior

[[Page 34]]

written notification to the Departments. Such notification shall be 
accompanied by certifications and representations, as appropriate, that:
    (1) The transferee is neither directly nor indirectly affiliated 
with any other territorial duty refund jewelry recipient in any 
territory;
    (2) The transferee will not modify the jewelry operations in a 
manner that will significantly diminish its economic contributions to 
the territory.
    (b) At the request of the Departments, the transferee shall permit 
representatives of the Departments to inspect whatever records are 
necessary to establish to their satisfaction that the certifications and 
representations contained in paragraph (a) of this section have been or 
are being met.
    (c) Any transferee who is either unwilling or unable to make the 
certifications and representations specified in paragraph (a) of this 
section shall secure the Departments' approval in advance of the sale or 
transfer of the business. The request for approval shall specify which 
of the certifications specified in paragraph (a) of this section the 
firm is unable or unwilling to make, and give reasons why such fact 
should not constitute a basis for the Departments' disapproval of the 
sale or transfer.