"Assets," when used in parts 8800.4300 to 8800.4600, means property that the flying club owns, in whole or in part, or over which it has control, including the club's interest in any owned, rented, or leased aircraft.
"Flying club" means a person other than an individual that neither for profit nor compensation owns, leases, or uses one or more aircraft for the purpose of instruction, business, or pleasure.
Note: Commercial operations that call themselves flying clubs shall adhere to the rules for commercial operations contained in parts 8800.3100 to 8800.3950. They are not considered a flying club under this part.
30 SR 215
October 2, 2007