(a) An Air Carrier Certificate or Operating Certificate issued under this part is effective until -
(1) The certificate holder surrenders it to the Administrator; or
(2) The Administrator suspends, revokes, or otherwise terminates the certificate.
(b) Operations specifications issued under this part, part 121, or part 135 of this chapter are effective unless -
(1) The Administrator suspends, revokes, or otherwise terminates the certificate;
(2) The operations specifications are amended as provided in § 119.51;
(3) The certificate holder does not conduct a kind of operation for more than the time specified in § 119.63 and fails to follow the procedures of § 119.63 upon resuming that kind of operation; or
(4) The Administrator suspends or revokes the operations specifications for a kind of operation.
(c) Within 30 days after a certificate holder terminates operations under part 135 of this chapter, the operating certificate and operations specifications must be surrendered by the certificate holder to the responsible Flight Standards office.
[Docket No. 28154, 60 FR 65913, Dec. 20, 1995, as amended by Docket FAA-2018-0119, Amdt. 119-19, 83 FR 9172, Mar. 5, 2018]