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Virginia Administrative Code (Last Updated: January 10, 2017) |
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Title 24. Transportation and Motor Vehicles |
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Agency 5. Virginia Aviation Board |
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Chapter 20. Regulations Governing the Licensing and Operation of Airports and Aircraft Andobstructions to Airspace in the Commonwealth of Virginia |
Section 150. Transfer of licenses
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A. No license issued by the department for the operation of an airport or landing area may be transferred by the licensee without first obtaining the approval of the department.
B. Application for approval of a transfer of a license shall be made on the form prescribed by the department and accompanied by the required supporting documents as specified on the form. Approval may be granted only after satisfactory evidence has been submitted that shows the proposed transferee (i) is capable of operating the airport or landing area in accordance with the laws of this Commonwealth and these regulations and (ii) is financially responsible per Chapter 8.2 (§ 5.1-88.7 et seq.) of Title 5.1 of the Code of Virginia and has paid or guaranteed payment of all financial commitments due the Commonwealth under Chapter 1 (§ 5.1-1 et seq.) of Title 5.1 of the Code of Virginia or this chapter.
C. Before a transfer shall be made, the transferee by written agreement shall assume the unfulfilled obligation to the Commonwealth to operate the airport or landing area under any and all agreements executed by any prior licensee or licensees of such airport or landing area to procure state funds for the airport or landing area.
D. Upon conveyance, death, dissolution, or bankruptcy of a licensee, the department should be notified of the occurrence within 60 days, and the airport license may be transferred upon approval of the department.
Historical Notes
Derived from VR165-01-02:1 § 3.4, eff. September 9, 1992; amended, Volume 12, Issue 17, eff. June 12, 1996; Volume 30, Issue 04, eff. November 20, 2013.