46 U.S.C. § 7108

Termination of licenses and certificates of registry

When the holder of a license or certificate of registry, the duration of which is conditioned under section 7106 or 7107 of this title, fails to hold the license required as a condition, the license or certificate of registry issued under this part is terminated.

( Pub. L. 98–89 , Aug. 26, 1983 , 97 Stat. 540 .)