Automatic termination of permits.

§ 19.127 Automatic termination of permits. (a) Operating permits. An operating permit is not transferable. The proprietor's operating permit will automatically terminate in the following circumstances: (1) If the operations that are authorized by the permit are leased, sold or transferred; (2) If the company is dissolved on a certain date by an event specified in the laws of the State where the company operates; or (3) In the case of a corporation, if actual or legal control of the corporation changes, directly or indirectly, whether by reason of change in stock ownership or control, by operation of law, or in any other manner, the permit will terminate 30 days after the change in control. However, if an application for a new permit covering the operations is made within this 30 day period, then the operating permit may remain in effect until TTB takes final action upon the new application. TTB's final action on the new application will automatically terminate the outstanding permit. (b) Basic permits. For provisions related to the automatic termination of an FAA Act basic permit, see part 1 of this chapter. (26 U.S.C. 5271)