Sec. 7. Expediting routine secondary market transactions
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Section 310 of the Communications Act of 1934 ( 47 U.S.C. 310 ) is amended by striking subsection
(d)and inserting the following: No construction permit or station license, or any rights thereunder, shall be transferred, assigned, or disposed of in any manner, voluntarily or involuntarily, directly or indirectly, or by transfer of control of any corporation holding such permit or 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. Any application under subparagraph
(A)shall be disposed of as if the proposed transferee or assignee were making application under section 308 for the permit or license in question; but in acting thereon the Commission may not consider whether the public interest, convenience, and necessity might be served by the transfer, assignment, or disposal of the permit or license to a person other than the proposed transferee or assignee. An application to the Commission under paragraph
(1)shall be deemed to be in the public interest, convenient, and necessary, and shall be granted not later than 90 days after the date on which the Commission issues a public notice of the application, unless the Commission acts to deny the application, if the application— does not involve an entity described in subsection (b); does not require premerger notification and waiting period under section 7a of the Clayton Act (15 U.S.C. 18a); and is not a covered transaction under section 721 of the Defense Production Act of 1950 (50 U.S.C. App. 2170). .
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