Automatic termination of permits.

§ 19.684 Automatic termination of permits. (a) Permits not transferable. An alcohol fuel plant permit is not transferable and, except as otherwise provided in paragraph (b) of this section, will automatically terminate if: (1) The operations that are authorized by the permit are leased, sold, or transferred to another person; or (2) The permit holder is dissolved on a date certain or upon an event specified by the laws of the State where the permit holder operates. (b) Corporations. In the case of a corporation holding a permit under this subpart, if actual or legal control of that corporation changes, directly or indirectly, whether by reason of change in stock ownership or control (in the permittee corporation or in any other corporation), by operation of law, or in any other manner, the permit may remain in effect until the expiration of 30 days after the change, whereupon the permit will automatically terminate. However, if operations are to be continued after the change in control, and an application for a new permit is filed within 30 days of the change, the outstanding permit may remain in effect until final action is taken on the new application. When final action is taken on the application, the outstanding permit will automatically terminate. (26 U.S.C. 5181, 5271)