Sec.  21.38   Assignment or transfer of station authorization.

   

   (a) No station license, or any rights thereunder, shall be
   transferred, assigned, or disposed of in any manner, voluntarily or
   involuntarily, directly or indirectly, or by transfer of control of
   any corporation or any other entity holding any such license, to any
   person except upon application to the Commission and upon finding by
   the Commission that the public interest, convenience and necessity
   will be served thereby.

   (b) For purposes of this section, transfers of control requiring
   Commission approval shall include any and all transactions that:

   (1) Change the party controlling the affairs of the licensee, or

   (2) Affect any change in a controlling interest in the ownership of
   the licensee, including changes in legal or equitable ownership, or

   (c) Requests for transfer of control or assignment authority shall be
   submitted on the application form prescribed by Sec. 21.11 of this
   chapter, and shall be accompanied by the applicable showings required
   by Sec. Sec. 21.13, 21.15, 21.17 and 21.39 of this chapter.

   (d) The Commission shall be promptly notified in writing when a
   licensee is voluntarily or involuntarily placed in bankruptcy or
   receivership and when an individual licensee, a member of a
   partnership which is a licensee, or a person directly or indirectly in
   control of a corporation which is a licensee, dies or becomes legally
   disabled. Within thirty days after the occurrence of such bankruptcy,
   receivership, death or legal disability, an application of involuntary
   assignment of such license, or involuntary transfer of control of such
   corporation, shall be filed with the Commission, requesting assignment
   or transfer to a successor legally qualified under the laws of the
   place having jurisdiction over the assets involved.

   (e) The assignor of a station licensed under this part may retain no
   right of reversion or reassignment of the license and may not reserve
   the right to use the facilities of the station for any period
   whatsoever. No assignment of license will be granted or authorized if
   there is a contract or understanding, express or implied, pursuant to
   which a right of reversion or reassignment of the license or right to
   use the facilities are retained as partial or full consideration for
   the assignment or transfer.

   (f) No special temporary authority, or any rights thereunder, shall be
   assigned or otherwise disposed of, directly or indirectly, voluntarily
   or involuntarily, without prior Commission approval.

   (g) An applicant for voluntary transfer of control or assignment under
   this section where the subject license was acquired by the transferor
   or assignor through a system of random selection shall, together with
   its application for transfer of control or assignment, file with the
   Commission the associated contracts for sale, option agreements,
   management agreements, or other documents disclosing the total
   consideration that the applicant would receive in return for the
   transfer or assignment of its license. This information should include
   not only a monetary purchase price, but also any future, contingent,
   in-kind, or other consideration (e.g., management or consulting
   contracts either with or without an option to purchase; below-market
   financing).

   [ 52 FR 37780 , Oct. 9, 1987, as amended at  54 FR 11953 , Mar. 23, 1989;
    59 FR 9101 , Feb. 25, 1994]