Sec. 101.53  Assignment or transfer of station authorization.

    (a) No station license, or any rights thereunder, may 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 must 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.

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    (c) Requests for transfer of control or assignment authority must be 
submitted on the application form prescribed by Sec. 101.13 or 
Sec. 101.15, and must be accompanied by the applicable showings required 
by Secs. 101.19, 101.21, and 101.55.
    (d) The Commission must 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, must 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, may be 
assigned or otherwise disposed of, directly or indirectly, voluntarily 
or involuntarily, without prior Commission approval.