Sec. 26.324  Transfer of control or assignment of station authorization.

    (a) Authorizations shall be transferred or assigned to another 
party, voluntarily (for example, by contract) or involuntarily (for 
example, by death, bankruptcy, or legal disability), directly or 
indirectly or by transfer of control of any corporation holding such 
authorization, only upon application and approval by the Commission. A 
transfer of control or assignment of station authorization in the 
General Wireless Communications Service is also subject to Sec. 1.2111 
of this chapter (Assignment or transfer of control: unjust enrichment).
    (1) A change from less than 50% ownership to 50% or more ownership 
shall always be considered a transfer of control.
    (2) In other situations a controlling interest shall be determined 
on a case-by-case basis considering the distribution of ownership, and 
the relationships of the owners, including family relationships.
    (b) Form required:
    (1) Assignment.
    (i) FCC Form 490 shall be filed to assign a license or permit.
    (ii) In the case of involuntary assignment, FCC Form 490 shall be 
filed within 30 days of the event causing the assignment.
    (2) Transfer of control.
    (i) FCC Form 490 shall be submitted in order to transfer control of 
a corporation holding a license or permit.
    (ii) In the case of involuntary transfer of control, FCC Form 490 
shall be filed within 30 days of the event causing the transfer.
    (3) Form 430. Whenever an application must be filed under paragraphs 
(a)(1) or (a)(2) of this section, the assignee or transferee shall file 
FCC Form 430 (``Common Carrier Radio License Qualification Report'') 
unless an accurate report is on file with the Commission.
    (4) Notification of completion. The Commission shall be notified by 
letter of the date of completion of the assignment or transfer of 
control.
    (5) If the transfer of control of a license is approved, the new 
licensee is held to the original build-out requirement of Sec. 26.104.
    (c) In acting upon applications for transfer of control or 
assignment, the Commission will not consider whether the public 
interest, convenience, and necessity might be served by the transfer or 
assignment of the authorization to a person other than the proposed 
transferee or assignee.
    (d) Applicants seeking to transfer their licenses within three years 
after the initial license grant date are required to file, together with 
their transfer application, the associated contracts for sale, option 
agreements, management agreements, and all other documents disclosing 
the total consideration to be received in return for the transfer of the 
license.