[Code of Federal Regulations]
[Title 27, Volume 3]
[Revised as of April 1, 2007]
From the U.S. Government Printing Office via GPO Access
[CITE: 27CFR478.57]

[Page 45]
 
            TITLE 27--ALCOHOL, TOBACCO PRODUCTS, AND FIREARMS
 
   CHAPTER II--BUREAU OF ALCOHOL, TOBACCO, FIREARMS, AND EXPLOSIVES, 
                          DEPARTMENT OF JUSTICE
 
PART 478_COMMERCE IN FIREARMS AND AMMUNITION--Table of Contents
 
                           Subpart D_Licenses
 
Sec.  478.57  Discontinuance of business.

    (a) Where a firearm or ammunition business is either discontinued or 
succeeded by a new owner, the owner of the business discontinued or 
succeeded shall within 30 days thereof furnish to the Chief, National 
Licensing Center notification of the discontinuance or succession. (See 
also Sec.  478.127.)
    (b) Since section 922(v), Title 18, U.S.C., makes it unlawful to 
transfer or possess a semiautomatic assault weapon, except as provided 
in the law, any licensed manufacturer, licensed importer, or licensed 
dealer intending to discontinue business shall, prior to going out of 
business, transfer in compliance with the provisions of this part any 
semiautomatic assault weapon manufactured or imported after September 
13, 1994, to a person specified in Sec.  478.40(b), or, subject to the 
provisions of Sec. Sec.  478.40(c) and 478.132, a licensed manufacturer, 
a licensed importer, or a licensed dealer.
    (c) Since section 922(w), Title 18, U.S.C., makes it unlawful to 
transfer or possess a large capacity ammunition feeding device, except 
as provided in the law, any person who manufactures, imports, or deals 
in such devices and who intends to discontinue business shall, prior to 
going out of business, transfer in compliance with the provisions of 
this part any large capacity ammunition feeding device manufactured 
after September 13, 1994, to a person specified in Sec.  478.40a(b), or, 
subject to the provisions of Sec. Sec.  478.40a(c) and 478.132, a person 
who manufactures, imports, or deals in such devices.

[33 FR 18555, Dec. 14, 1968. Redesignated at 40 FR 16835, Apr. 15, 1975, 
and amended by T.D. ATF-48, 44 FR 55842, Sept. 28, 1979; T.D. ATF-290, 
54 FR 53055, Dec. 27, 1989; T.D. ATF-363, 60 FR 17453, Apr. 6, 1995; 
T.D. ATF-383, 61 FR 39321, July 29, 1996]