History — 203.03

203.03 (1) No person who is not the registered owner of an aircraft shall operate the aircraft as part of a leasing operation without an authorization issued pursuant to subsection (2) unless (a) the lessor and the lessee each hold a Canadian operator certificate issued in respect of the aircraft type to be operated; (b) the lessee is qualified to be the registered owner of a Canadian aircraft; (c) the maintenance control system referred to in section 406.35 or 706.02 and the maintenance schedule approved by the Minister under subsection 605.86(2) are, during the term of the lease, equivalent for the lessor and the lessee; (d) the crew members of the aircraft are employed by the lessee; and (e) the registered owner informs the Minister in writing, no later than seven days after the term of the lease commences, of (i) the registration mark, manufacturer model designation and serial number of the aircraft, (ii) the names, addresses and telephone numbers, and facsimile numbers, if any, of the registered owner and the lessee, (iii) the Canadian operator certificate number and the approved maintenance organization certificate numbers of the lessor and the lessee, (iv) the commencement a…