Virginia § 5.1-114 Transfer or lease of certificate

Virginia Statutes

§ 5.1-114 — Transfer or lease of certificate

Virginia § 5.1-114

Title 5.1AVIATION

Ch. 9AIR CARRIERS

Art. 6DURATION, REVOCATION, TRANSFER AND VALUE OF CERTIFICATES, ETC.; PENALTIES

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Bluebook

Va. Code Ann. § 5.1-114 (2026).

Text

Any certificate issued under this chapter may be transferred or leased, subject to the approval of the Commission and under such reasonable rules and regulations as may be prescribed by the Commission. An application for such approval shall be made jointly by the transferor and transferee, or lessor and lessee.

No certificate shall be transferred, leased or otherwise disposed of when any consideration is paid or promised which exceeds the then value of the tangible property sold in connection with the transfer or lease of such certificate.

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Any certificate issued under this chapter may be transferred or leased, subject to the approval of the Commission and under such reasonable rules and regulations as may be prescribed by the Commission. An application for such approval shall be made jointly by the transferor and transferee, or lessor and lessee.

No certificate shall be transferred, leased or otherwise disposed of when any consideration is paid or promised which exceeds the then value of the tangible property sold in connection with the transfer or lease of such certificate.