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Section 91.1001

14 CFR Ch. I (1-1-19 Edition)

program aircraft having more than one
owner.
(iv) Possession of at least a minimum
fractional ownership interest in one or
more program aircraft by each fractional owner.
(v) A dry-lease aircraft exchange arrangement among all of the fractional
owners.
(vi) Multi-year program agreements
covering the fractional ownership,
fractional ownership program management services, and dry-lease aircraft
exchange aspects of the program.
(6) A fractional ownership program aircraft or program aircraft means:
(i) An aircraft in which a fractional
owner has a minimal fractional ownership interest and that has been included in the dry-lease aircraft exchange pursuant to the program agreements, or
(ii) In the case of a fractional owner
from one program operating an aircraft
in a different fractional ownership program managed by an affiliate of the operating owner-s program manager, the
aircraft being operated by the fractional owner, so long as the aircraft is:
(A) Included in the fractional ownership program managed by the affiliate
of the operating owner-s program manager, and
(B) Included in the operating owner-s
program-s dry-lease aircraft exchange
pursuant to the program agreements of
the operating owner-s program.
(iii) An aircraft owned in whole or in
part by the program manager that has
been included in the dry-lease aircraft
exchange and is used to supplement
program operations.
(7) A Fractional Ownership Program
Flight or Program Flight means a flight
under this subpart when one or more
passengers or property designated by a
fractional owner are on board the aircraft.
(8) Fractional ownership program management services or program management
services mean administrative and aviation support services furnished in accordance with the applicable requirements of this subpart or provided by
the program manager on behalf of the
fractional owners, including, but not
limited to, the - 
(i) Establishment and implementation of program safety guidelines;

(ii) Employment, furnishing, or contracting of pilots and other crewmembers;
(iii) Training and qualification of pilots and other crewmembers and personnel;
(iv) Scheduling and coordination of
the program aircraft and crews;
(v) Maintenance of program aircraft;
(vi) Satisfaction of recordkeeping requirements;
(vii) Development and use of a program operations manual and procedures; and
(viii) Application for and maintenance of management specifications
and other authorizations and approvals.
(9) A fractional ownership program
manager or program manager means the
entity that offers fractional ownership
program management services to fractional owners, and is designated in the
multi-year program agreements referenced in paragraph (b)(1)(v) of this
section to fulfill the requirements of
this chapter applicable to the manager
of the program containing the aircraft
being flown. When a fractional owner is
operating an aircraft in a fractional
ownership program managed by an affiliate of the owner-s program manager, the references in this subpart to
the flight-related responsibilities of
the program manager apply, with respect to that particular flight, to the
affiliate of the owner-s program manager rather than to the owner-s program manager.
(10) A minimum fractional ownership
interest means - 
(i) A fractional ownership interest
equal to, or greater than, one-sixteenth
(1-16) of at least one subsonic, fixed-wing
or powered-lift program aircraft; or
(ii) A fractional ownership interest
equal to, or greater than, one-thirtysecond (1-32) of at least one rotorcraft
program aircraft.
(c) The rules in this subpart that
refer to a fractional owner or a fractional ownership program manager
also apply to any person who engages
in an operation governed by this subpart without the management specifications required by this subpart.

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