Sec. 25.119  Assignment or transfer of control of station authorization.

    (a) No station license, nor 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 such license, to any person 
except upon application to the Commission and upon finding by the 
Commission that the pubic 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.
    (c) Assignment of license. FCC Form 312, Main Form and Schedule A, 
shall be submitted to assign voluntarily (as by, for example, contract 
or other agreement) or involuntarily (as by, for example, death, 
bankruptcy, or legal

[[Page 313]]

disability) the station authorization. In the case of involuntary 
assignment, the application should be filed within 10 days of the event 
causing the assignment. FCC Form 312, Main Form, and Schedule A shall 
also be used for non-substantial ( pro forma) assignments.
    (d) Transfer of control of corporation holding license. FCC Form 
312, Main Form and Schedule A, shall be submitted in order to transfer 
voluntarily or involuntarily (de jure or de facto) control of a 
corporation holding any licenses. In the case of involuntary transfer of 
control, the applications should be filed within 10 days of the event 
causing the transfer of control. FCC Form 312, Main Form and Schedule A 
shall also be used for non-substantial (pro forma) transfers of control.
    (e) Whenever a group of station licenses in the same radio service 
for the same class of facility licensed to the same entity is to be 
assigned or transferred to a single assignee or transferee, a single 
application may be filed to cover the entire group, if the application 
identifies in an exhibit each station by call sign, station location and 
expiration date of license.
    (f) Assignments and transfers of control shall be completed within 
60 days from the date of authorization. Within 30 days of consumation, 
the Commission shall be notified by letter of the date of consummation 
and the file numbers of the applications involved in the transaction.
[ 56 FR 24016 , May 20, 1991;  56 FR 29757 , June 20, 1991. Redesignated and 
amended at  62 FR 5928 , 5929, Feb. 10, 1997]