[Code of Federal Regulations]

[Title 14, Volume 1]

[Revised as of January 1, 2006]

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

[CITE: 14CFR47.8]



[Page 910]

 

                     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 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]



    Effective Date Note: At 70 FR 245, Jan. 3, 2005, Sec. 47.8 was 

amended by revising paragraph (a)(2)(i), effective concurrent with the 

date the Cape Town Treaty enters into force with respect to the United 

States. For the convenience of the user, the revised text is set forth 

as follows:



Sec. 47.8  Voting trusts.



    (a) * * *

    (1) * * *

    (2) * * *

    (i) That each voting trustee is a citizen of the United States 

within the meaning of 49 U.S.C. 40102(a)(15).



                                * * * * *