Volume 83 · 104
Public Law 91–62
To amend the Federal Aviation Act of 1958, as amended, and for other purposes.
Approved August 20, 1969
Statutory text
AN ACT
To amend the Federal Aviation Act of 1958, as amended, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
That the Federal
Federal Aviation Act of 1958, amendments.
Air carriers.
Acquisition of control.
Aviation Act of 1958, as amended, is further amended as follows:
Section 407(b) (49 U.S.C. 1377(b)) is amended by adding the following additional sentence: “Any person owning, beneficially or as trustee, more than 5 per centum of any class of the capital stock or capital, as the case may be, of an air carrier shall submit annually, and at such other times as the Board may require, a description of the shares of stock or other interest owned by such person, and the amount thereof.”
Section 408 (49 U.S.C. 1378) is amended by striking subsection 408(a) (5) in its entirety, and inserting in lieu thereof the following:
“(5) For any air carrier or person controlling an air carrier, any other common carrier, any person engaged in any other phase of aeronautics, or any other person to acquire control of any air carrier in any manner whatsoever: Provided, That the Board may by order exempt any such acquisition of a noncertificated air carrier from this requirement to the extent and for such periods as may be in the public interest;”.
Section 408 is further amended by adding the following new subsection 408(f):
“(f) For the purposes Of this section, any person owning beneficially 10 per centum or more of the voting securities or capital, as the case may be, of an air carrier shall be presumed to be in control of such air carrier unless the Board finds otherwise. As used herein, beneficial ownership of 10 per centum of the voting securities of a carrier means ownership of such amount of its outstanding voting securities as entitles the holder thereof to cast 10 per centum of the aggregate votes which the holders of all the outstanding voting securities of such carrier are entitled to cast.”
That portion of the table of contents contained in the first section of the Federal Aviation Act of 1958 which appears under the heading “Sec. 408. Consolidation, merger, and acquisition of control.” is amended by adding at the end thereof the following: “(f) Presumption of control.”
Sec. 2.
The amendments made by this Act shall take effect as of August 5, 1969.
Approved August 20, 1969.