[Code of Federal Regulations]

[Title 47, Volume 2]

[Revised as of October 1, 2004]

From the U.S. Government Printing Office via GPO Access

[CITE: 47CFR21.38]



[Page 45-46]

 

                       TITLE 47--TELECOMMUNICATION

 

                    CHAPTER I--FEDERAL COMMUNICATIONS

                         COMMISSION (CONTINUED)

 

PART 21_DOMESTIC PUBLIC FIXED RADIO SERVICES--Table of Contents

 

                   Subpart B_Applications and Licenses

 

Sec. 21.38  Assignment or transfer of station authorization.



    (a) No station license, or any rights thereunder, shall be 

transferred, assigned, or disposed of in any manner, voluntarily or 

involuntarily, directly or indirectly, or by transfer of control of any 

corporation or any other entity holding any such license, to any person 

except upon application to the Commission and upon finding by the 

Commission that the public interest, convenience and necessity will be 

served thereby.

    (b) For purposes of this section, transfers of control requiring 

Commission approval shall include any and all transactions that:



[[Page 46]]



    (1) Change the party controlling the affairs of the licensee, or

    (2) Affect any change in a controlling interest in the ownership of 

the licensee, including changes in legal or equitable ownership, or

    (c) Requests for transfer of control or assignment authority shall 

be submitted on the application form prescribed by Sec. 21.11 of this 

chapter, and shall be accompanied by the applicable showings required by 

Sec. Sec. 21.13, 21.15, 21.17 and 21.39 of this chapter.

    (d) The Commission shall be promptly notified in writing when a 

licensee is voluntarily or involuntarily placed in bankruptcy or 

receivership and when an individual licensee, a member of a partnership 

which is a licensee, or a person directly or indirectly in control of a 

corporation which is a licensee, dies or becomes legally disabled. 

Within thirty days after the occurrence of such bankruptcy, 

receivership, death or legal disability, an application of involuntary 

assignment of such license, or involuntary transfer of control of such 

corporation, shall be filed with the Commission, requesting assignment 

or transfer to a successor legally qualified under the laws of the place 

having jurisdiction over the assets involved.

    (e) The assignor of a station licensed under this part may retain no 

right of reversion or reassignment of the license and may not reserve 

the right to use the facilities of the station for any period 

whatsoever. No assignment of license will be granted or authorized if 

there is a contract or understanding, express or implied, pursuant to 

which a right of reversion or reassignment of the license or right to 

use the facilities are retained as partial or full consideration for the 

assignment or transfer.

    (f) No special temporary authority, or any rights thereunder, shall 

be assigned or otherwise disposed of, directly or indirectly, 

voluntarily or involuntarily, without prior Commission approval.

    (g) An applicant for voluntary transfer of control or assignment 

under this section where the subject license was acquired by the 

transferor or assignor through a system of random selection shall, 

together with its application for transfer of control or assignment, 

file with the Commission the associated contracts for sale, option 

agreements, management agreements, or other documents disclosing the 

total consideration that the applicant would receive in return for the 

transfer or assignment of its license. This information should include 

not only a monetary purchase price, but also any future, contingent, in-

kind, or other consideration (e.g., management or consulting contracts 

either with or without an option to purchase; below-market financing).



[52 FR 37780, Oct. 9, 1987, as amended at 54 FR 11953, Mar. 23, 1989; 59 

FR 9101, Feb. 25, 1994]