Sec. 24.839  Transfer of control or assignment of license.

    (a) Approval required. Authorization 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 broadband Personal Communications Service is also subject to 
Secs. 24.711(e), 24.712(d), 24.713(b), 24.717(c) (unjust enrichment) and 
1.2111(a) (reporting requirement).
    (b) Forms 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 thirty (30) days following the event giving rise to 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 thirty (30) days following the event giving rise 
to the transfer.
    (3) Form 430. Whenever an application must be filed under paragraphs 
(a)(1) or (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 construction requirement of 
Sec. 24.203.
    (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) Restrictions on Assignments and Transfers of Licenses for 
Frequency Blocks C and F. No assignment or transfer of control of a 
license for frequency Block C or frequency Block F will be granted 
unless--
    (1) The application for assignment or transfer of control is filed 
after five years from the date of the initial license grant; or
    (2) The proposed assignee or transferee meets the eligibility 
criteria set forth in Sec. 24.709 at the time the application for 
assignment or transfer of control is filed, or the proposed assignee or 
transferee holds other license(s) for frequency blocks C and F and, at 
the time of receipt of such license(s), met the eligibility criteria set 
forth in Sec. 24.709;
    (3) The application is for partial assignment of a partitioned 
service area to a rural telephone company pursuant to Sec. 24.714 and 
the proposed assignee meets the eligibility criteria set forth in 
Sec. 24.709;
    (4) The application is for an involuntary assignment or transfer of 
control to a bankruptcy trustee appointed under involuntary bankruptcy, 
an independent receiver appointed by a court of competent jurisdiction 
in a foreclosure action, or, in the event of

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death or disability, to a person or entity legally qualified to succeed 
the deceased or disabled person under the laws of the place having 
jurisdiction over the estate involved; provided that, the applicant 
requests a waiver pursuant to this paragraph; or
    (5) The assignment or transfer of control is pro forma.
    (e) If the assignment or transfer of control of a license is 
approved, the assignee or transferee is subject to the original 
construction requirement of Sec. 24.203.
[59 1997 FR 37610 , July 22, 1994, as amended at  59 FR 63238 , Dec. 7, 1994;  61 FR 33870 , July 1, 1996]

Secs. 24.840--24.842  [Reserved]