Sec. 62.25  Authorization to hold interlocking directorates in commonly 
          owned carriers.

    After the Commission has found upon application filed pursuant to 
Sec. 62.12 that two or more carriers are commonly owned carriers, any 
duly designated person is authorized hereby to be an interlocking 
director of two or more such carriers. However, the authorization herein 
granted to any interlocking director shall be automatically canceled 
with respect to any position held in any such carrier which at any time 
ceases to be a commonly owned carrier, without notice thereof by the 
Commission, either to the interlocking director, to the carrier, or to 
the person upon whose application a finding of common ownership was 
made. In event of such cancellation, the interlocking director shall 
immediately cease and desist from acting in that capacity with respect 
to the carrier which has ceased to be a commonly owned carrier until 
such time as appropriate authorization is obtained pursuant to this 
part.