---
kind: "section"
citation: "31 C.F.R. § 801.305"
title: "31"
number: "801.305"
heading: "Exception for air carriers."
url: "https://uscodex.org/cfr/31/801.305"
---

# §801.305. Exception for air carriers.


No investment involving an air carrier, as defined in [section 40102(a)(2)](/usc/49/40102.md?p=a-2) of title 49, United States Code, that holds a certificate issued under [section 41102](/cfr/31/41102.md) of that title shall be a pilot program covered transaction.


## Notes

### Authority

Authority: 50 U.S.C. 4565; Pub. L. 115-232.

### Source

Source: 83 FR 51327, Oct. 11, 2018, unless otherwise noted.