S.L. 499.28 Art. 4Notification of plans of operation, changes of ownership, etc.

(1) An air transport undertaking shall notify the Director in advance of its plans for operating a new scheduled service or non-

scheduled service, to a continental or world region not previously served, changes in the type or number of aircraft used or a substantial change in the scale of its activities. It shall also notify in advance any international mergers or acquisitions and shall notify the Director within fourteen days of any change in ownership of any single shareholding which represents 10% or more of the total shareholding of the air transport undertaking or of its parent or ultimate holding company. The submission of a twelve-month business plan two months in advance of the period to which it refers shall constitute sufficient notice under this subregulation for the purposes of change to current operations and, or circumstances which are included in that business plan.

(2) If the Director deems the changes notified under subregulation (1) to have a significant bearing on the finances of the air transport undertaking, he shall require the submission of a revised business plan incorporating the changes in question and covering at least, a period of twelve months from its date of implementation, as well as all the relevant information, including the data referred to in Part B of the Schedule to these regulations, to assess whether the air transport undertaking can meet its existing and potential obligations during that period of twelve months. The Director shall take a decision on the revised business plan not later than three months after all the necessary information has been submitted to him.

(3) The Director may, at any time and in any event whenever there are clear indications that financial problems exist with an air transport undertaking licensed by him, assess its financial performance and may suspend or revoke the licence if he is no longer satisfied that the air transport undertaking can meet its actual and potential obligations for a twelve-month period. The Director may also grant a temporary licence pending financial reorganisation of the air transport undertaking, provided safety is not at risk.