Applicability.

CFR · 2024-01-01 · US · Title 14

(a) This subpart prescribes rules, in addition to those prescribed in other subparts of this part, that apply to fractional owners and fractional ownership program managers governing— (1) The provision of program management services in a fractional ownership program; (2) The operation of a fractional ownership program aircraft in a fractional ownership program; and (3) The operation of a program aircraft included in a fractional ownership program managed by an affiliate of the manager of the program to which the owner belongs. (b) As used in this part— (1) (2) A (3) A (4) A (5) A (i) The provision for fractional ownership program management services by a single fractional ownership program manager on behalf of the fractional owners. (ii) Two or more airworthy aircraft. (iii) One or more fractional owners per program aircraft, with at least one program aircraft having more than one owner. (iv) Possession of at least a minimum fractional ownership interest in one or more program aircraft by each fractional owner. (v) A dry-lease aircraft exchange arrangement among all of the fractional owners. (vi) Multi-year program agreements covering the fractional ownership, fractional ownership program management services, and dry-lease aircraft exchange aspects of the program. (6) A (i) An aircraft in which a fractional owner has a minimal fractional ownership interest and that has been included in the dry-lease aircraft exchange pursuant to the program agreements, or (ii) In the case of

official document · source cfr-2024 · id 14:§ 91.1001