92 STAT. 1728
"; Application filing.
.:- .
49 USC 1378.
PUBLIC LAW 95-504—OCT. 24, 1978 approval of such transaction shall file with the B o a r d not later than the forty-fifth day before the effective date of such transaction, a statement of its intent to enter into any of the prohibited acts set forth in subsection (a) of this section. The B o a r d may, within forty-five days after the date of such filing, require such person to file an application for approval pursuant to the requirements of paragraph (1) of this subsection if it finds either that the proposed transaction may monopolize, tend to monopolize, or otherwise restrain competition in air transportation in any section of the country or that the person may not be fit, willing, and able to properly perform the transportation authorized by any license which is a part of such transaction and to conform to the provisions of this Act and the rules, regulations, and requirements of the Board issued pursuant to this Act. Subject to subparagraph (B) of this paragraph, if the Board fails to require such person to file an application pursuant to such paragraph (1) within such forty-five days, the proposed transaction shall not be subject to subsection (a) of this section. " (B) If the Board determines that any transaction is not subject to subsection (a) of this section as a result of the last sentence of subparagraph (A) of this paragraph and such transaction received such statutory exemption due to any fraud, misrepresentation, or omission of relevant and material facts, the B o a r d may, pursuant to rules which it is authorized to prescribe, make such transaction subject to subsection (a) of this section.". (b) Section 408(c) of such Act is amended by inserting "any person controlling such air carrier," after "air carrier," the first place it appears in such subsection. INTERLOCKS
SEC. 27. (a) Section 409 of the Federal Aviation Act of 1958 (49 U.S.C. 1379) is amended by striking out the center heading of such section and the center heading for subsection (a) of such section and inserting in lieu thereof the following section center heading: "INTERLOCKING
Repeal.
RELATIONSHIPS".
(b) Section 409 of the Federal Aviation Act of 1958 is also amended by striking out " SEC. 409. (a) " and inserting in lieu thereof " SEC. 409.". (c) Section 409 (as amended by subsections (a) and (b) of this section) is amended as follows: (1) Paragraph s (1), (2), and (3) are each amended by striking out "is engaged in any phase of" and inserting in lieu thereof "is substantially engaged in the business of". (2) Paragraph s (4), (5), and (6) are each amended by striking out "engaged in any phase of" and inserting in lieu thereof "substantially engaged in the business of". (d) Section 409(b) of the Federal Aviation Act of 1958 (49 TJ.S.C. 1379 (b)) is hereby repealed. (e) That portion of the table of contents contained in the first section of the Federal Aviation Act of 1958 which appears under the center heading "TITLE IV—AIR CARRIER ECONOMIC REGULATION"
is amended by striking out "Sec. 409. Prohibited interests. "(a) Interlocldng relationships. "(b) Profit from transfer of securities." and inserting in lieu thereof "Sec. 409. Interlocking relationships.".
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