§ 535e. Ownership

297 words·~1 min read·/usc/title-33/section-535e

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(a)Sale, assignment, or transfer; approval of Secretary Nothing in this subchapter shall be deemed to prevent the individual, corporation, or other entity to which, pursuant to this subchapter, authorization has been given to construct, operate, and maintain an international bridge and the approaches thereto, from selling, assigning, or transferring the rights, powers, and privileges conferred by this subchapter: Provided, That such sale, assignment, or transfer shall be subject to approval by the Secretary of the department in which the Coast Guard is operating.

(b)State status of original applicant upon acquisition of right, title, and interest after termination of private entity licenses, contracts, or orders Upon the acquisition by a State or States, or by a subdivision or instrumentality thereof, of the right, title, and interest of a private individual, corporation, or other private entity, in and to an international bridge, any license, contract, or order issued or entered into by the Secretary of the department in which the Coast Guard is operating, to or with such private individual, corporation, or other private entity, shall be deemed terminated forthwith. Thereafter, the State, subdivision, or instrumentality so acquiring shall operate and maintain such bridge in the same manner as if it had been the original applicant, and the provisions of section 535d 1 of this title shall not apply.

(Pub. L. 92–434, § 8, Sept. 26, 1972, 86 Stat. 732; Pub. L. 114–120, title III, § 306(b)(6)(B), Feb. 8, 2016, 130 Stat. 56.)

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