24 Va. Admin. Code § 5-20-150
No license issued by the department for the operation of an airport or landing area may be transferred by the licensee without first obtaining the approval of the department.
Application for approval of a transfer of a license shall be made on forms prescribed by the department and may be granted only after satisfactory evidence has been submitted which shows that the proposed transferee (i) is capable of operating the airport or landing area in accordance with the laws of this Commonwealth and these regulations; and (ii) is financially responsible per Chapter 8.2 (§ 5.1-88.7 et seq.) of Title 5.1 of the Code of Virginia, and has paid or guaranteed payment of all financial commitments due the Commonwealth under Title 5.1 of the Code of Virginia or this chapter.
Before such transfer shall be made the transferee by written agreement shall assume the unfulfilled obligation to the Commonwealth to operate the airport or landing area under any and all agreements executed by any prior licensee or licensees of such airport or landing area to procure state funds for such airport or landing area.
Upon conveyance, death, dissolution, or bankruptcy of a licensee, the airport license may be transferred. Transfer shall be effected within 180 days after death or dissolution of the licensee or the airport license shall become null and void.
24 Va. Admin. Code § 5-20-150
Statutory Authority: §§ 5.1-2.2, 5.1-2.15, and 5.1-7 of the Code of Virginia.