Regulation Text
(a) Except as provided in § 91.321 or § 91.501, no owner may carry persons or property for compensation or hire on a program flight.
(b) During the term of the multi-year program agreements under which a fractional owner has obtained a minimum fractional ownership interest in a program aircraft, the flight hours used during that term by the owner on program aircraft must not exceed the total hours associated with the fractional owner's share of ownership.
(c) No person may sell or lease an aircraft interest in a fractional ownership program that is smaller than that prescribed in the definition of “minimum fractional ownership interest” in § 91.1001(b)(10) unless flights associated with that interest are operated under part 121 or 135 of this chapter and are conducted by an air carrier or commercial operator certificated under part 119 of this chapter.
The short answer
(14 CFR § 91.1005) Except as allowed by § 91.321 or § 91.501, no owner may carry persons or property for compensation or hire on a program flight, an owner's flight hours must not exceed the hours tied to that owner's share, and interests smaller than the minimum fractional ownership interest must be flown under part 121 or 135.
Research Notes
Common Questions
Can a fractional owner carry passengers for compensation or hire?
No, except as provided in § 91.321 or § 91.501, owners may not carry persons or property for compensation or hire on a program flight.
“Except as provided in § 91.321 or § 91.501, no owner may carry persons or property for compensation or hire on a program flight.” — 14 CFR § 91.1005(a)
How many flight hours can an owner use?
During the multi-year program agreement term, the owner's flight hours must not exceed the total hours associated with that owner's share of ownership.
“… the flight hours used during that term by the owner on program aircraft must not exceed the total hours associated with the fractional owner's share of ownership.” — 14 CFR § 91.1005(b)
Can an interest smaller than the minimum fractional share be sold under Part 91?
Not under Subpart K alone—flights for a sub-minimum interest must be operated under part 121 or 135 by a part 119 certificate holder.
“No person may sell or lease an aircraft interest … that is smaller than that prescribed in the definition of ‘minimum fractional ownership interest’ in § 91.1001(b)(10) unless flights associated with that interest are operated under part 121 or 135 … by an air carrier or commercial operator certificated under part 119 of this chapter.” — 14 CFR § 91.1005(c)
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